PowerFleet price target raised to $8 from $7 at Raymond James

Raymond James raised the firm’s price target on PowerFleet (AIOT) to $8 from $7 and keeps an Outperform rating on the shares. The company continues to execute against its integration plans that have already delivered significant cost synergies to date, the analyst tells investors in a research note. Following the acquisition of MiX Telematics and Fleet Complete, the firm believes PowerFleet has sufficient scale and product breadth to achieve double-digit revenue growth at a “healthy” EBITDA margin.