Truist lowered the firm’s price target on Samsara (IOT) to $42 from $50 and keeps a Hold rating on the shares. The company delivered solid results that were above the high end of guidance for all metrics, but its net new annual recurring revenue growth was at 10% y/y – a deceleration from Q3, which was up 17% – reflecting impacts of potential deal elongation, the analyst tells investors in a research note. Truist adds however that the firm was encouraged by the traction with large customers and strong new logo and expansion metrics at Samsara.
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