Samsara upgraded to Overweight after pullback at Piper Sandler

Piper Sandler last night upgraded Samsara (IOT) to Overweight from Neutral with an unchanged price target of $50. the firm cites valuation for the upgrade following a 40% reset in the shares over the last few weeks and over 20% over the last six months. Samsara is a “high-quality, durable: over 20% growth story that is gaining core fleet share, moving upmarket, and has lots of cross-sell opportunity, the analyst tells investors in a research note. Piper says the stock is “finally at a more reasonable entry point as expectations have been reset.”