PowerFleet assumed with an Outperform at Raymond James

Raymond James assumed coverage of PowerFleet last night with an Outperform rating and $7 price target. The analyst likes the long-term set up following the company’s “transformative merger” with MiX Telematics. The deal diversifies the combining companies in terms of geographic exposure, end market concentration, and product functionality, the analyst tells investors in a research note. The firm sees the “combined story as being significantly improved” in terms of market cap, float, capital structure, and medium term cost synergy realization.