Why Analyst Thinks PowerFleet (AIOT) Could Deliver Triple-Digit Upside

PowerFleet Inc. (NASDAQ:AIOT) is one of the best tech stocks under $10 to invest in. On September 9, Barrington analyst Gary Prestopino reiterated his Buy rating on the stock with a $15 price target, implying his expectation for the stock to triple in value from its current level (as of the publication of his note).

Why Analyst Thinks PowerFleet (AIOT) Could Deliver Triple-Digit Upside

He noted that the recent acquisition of two companies, namely MiX Telematics and Fleet Complete, has helped the company expand its market globally and bolster its product lineup. The Unity platform also remains an important pillar of PowerFleet’s strategy, as it continues to help grow the business and increase revenue per user.

The analyst was also encouraged by the company’s large market, with an estimated $120 billion total addressable opportunity in fleet and industrial equipment management. Moreover, PowerFleet has secured new business deals, including growth in AI video bookings, and maintains a strong pipeline with major channel partners.

Additionally, the company’s collaborations with key telecom and automotive companies, along with cost savings from recent integrations, support its solid financial position.

PowerFleet Inc. (NASDAQ:AIOT) provides connected vehicle and fleet management solutions for industrial equipment, transportation, and logistics companies. Its offerings include tracking hardware, software platforms, and analytics tools that help businesses monitor various assets.

While we acknowledge the potential of AIOT 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 AIOT 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.