What Does Wall Street Think About Samsara Inc. (IOT)?

Samsara Inc. (NYSE:IOT) is one of the best strong buy stocks to invest in right now. Samsara Inc. (NYSE:IOT) was initiated with a Buy rating and $55 price target by BTIG on December 16, with the firm telling investors that despite scaling to $1.7 billion in annual recurring revenue, the company remained one of the fastest-growing software companies. BTIG considers Samsara Inc. (NYSE:IOT) to be a leader in a highly attractive end-market linked to operational budgets, with it continually gaining market share. With a considerably sized total addressable market, the firm sees efficient and durable growth continuing over the medium term.

Why Samsara Inc. (IOT) Crashed On Friday

In addition to BTIG, KeyBanc also initiated coverage of Samsara Inc. (NYSE:IOT) on December 10 with an Overweight rating and a $55 price target. The firm stated that it believes the company’s end-to-end platform for operations is in a suitable position for addressing the $45 trillion “physical operations” industry, adding that Samsara Inc. (NYSE:IOT) boasts “multiple avenues” to sustain and pursue premium growth for the long-term. The firm considers the stock’s current valuation discount to peers to be warranted, provided its ability to sustain premium growth.

Samsara Inc. (NYSE:IOT) also received a rating update from TD Cowen on December 5, with the firm lifting the price target to $55 from $49 while reaffirming a Buy rating on the shares. The firm told investors that it considers Samsara Inc. (NYSE:IOT) to be a top software executor, reporting a solid quarter with impressive momentum and considerable new growth unlocked and taking hold, and thus continues to see strong beat and raise motions in the future in a backdrop of steady execution.

Samsara Inc. (NYSE:IOT) develops internet-connected sensor systems, combining wireless connectivity, plug-and-play sensors, and cloud-hosted software integrated for deployment. The company offers AI-powered safety programs that train and protect employees.

While we acknowledge the potential of IOT to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than IOT and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.