Piper sees ‘large opportunities’ for Samsara in automation

Piper Sandler analyst James Fish reiterates an Overweight rating on Samsara (IOT) with a $53 price target after attending the company’s user conference. Operation budgets are “relatively healthy,” existing Samsara customers are looking to leverage the “network effect” more with the company, despite premium pricing, and there is increased year-over-year interest and adoption around asset tags/equipment monitoring, the analyst tells investors in a research note. Piper believes Samsara’s focus on digitizing physical operations and protecting frontline workers, all while using automation, are “large opportunities.” It sees this driving “durable growth, despite the near-term concerns.”