Samsara price target raised to $40 from $36 at Piper Sandler

Piper Sandler raised the firm’s price target on Samsara to $40 from $36 and keeps a Neutral rating on the shares. The company’s Q2 marks the third quarter in a row of 37% normalized sales growth, though this was inline with buy-side expectations, the analyst tells investors in a research note. The firm says the results and updated guidance are supportive of bulls’ view of exiting at a normalized growth rate over 30% year-over-year, which is likely a large reason shares are up post the print. However, Piper remains on sidelines primarily on valuation and concerns around the tougher Q4 setup.