Roth MKM keeps Buy rating on PowerFleet, ups price target to $9

Roth MKM raised the firm’s price target on PowerFleet to $9 from $8.50 and keeps a Buy rating on the shares. Powerfleet continues to undergo a meaningful and underappreciated transition to a high-margin SaaS-based model, the firm says. With expanding logos and customer penetration, Roth expects Services acceleration into 2024.