Samsara price target raised to $40 from $35 at Truist

Truist raised the firm’s price target on Samsara to $40 from $35 and keeps a Hold rating on the shares. The company delivered strong execution in its Q2 results with upside expectations for annual recurring revenue, ARR, its key performance metric, the analyst tells investors in a research note. Samsara exited the quarter with ARR of $1.26Bn, up 36% y/y, and topping consensus of $1.25B, while also raising its revenue guidance and profitability outlook for the year, Truist states. The firm adds that it is impressed by the strong performance, which reaffirms its belief in the long term setup for durable growth and margin expansion.