RBC Capital lowered the firm’s price target on Samsara (IOT) to $54 from $64 and keeps an Outperform rating on the shares. The company reported another strong quarter highlighted by 33% constant currency annual recurring revenue growth and 25% revenue growth that was up 36% in constant currency and adjusting for the extra week, the analyst tells investors in a research note. Samsara momentum also remains strong while growth remains elevated at increasing scale, though the firm is reducing its price target to reflect peer multiple compression, RBC added.
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