PowerFleet price target raised to $7 from $4 at Lake Street

Lake Street raised the firm’s price target on PowerFleet to $7 from $4 and keeps a Buy rating on the shares after PowerFleet reported revenue and AEBITDA above consensus to finish the year. While the firm was “pleased to see PowerFleet close out the year on a strong note,” it does not believe there was much focus on the Q4 print with the merger expected to close in early April and the financial targets of the combined company already laid out. While the MiX Telematics merger has not closed, the firm has updated its estimates and price target to reflect what the company will look like post-close as it sees little risk of the transaction not happening, the analyst tells investors.