Samsara price target lowered to $35 from $42 at Truist

Truist lowered the firm’s price target on Samsara (IOT) to $35 from $42 and keeps a Hold rating on the shares ahead of its Q2 results. The firm remains impressed with the company’s pace of innovation and believes it is set up well to benefit from continued tailwinds of digitization of physical operations, but given the elongation of deal cycles due to a challenging macro environment and emphasis on larger accounts, end-markets that are “GDP-sensitive”, and a vast majority of annual recurring revenue still coming from connected fleet operations, Truist remains on the sidelines, the analyst tells investors in a research note.