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BofA Securities analysts started coverage on Samsara Inc (NYSE:IOT) with a Buy rating and a price target of $37 on the stock. The analysts highlighted that Sams

Samsara Started With a Buy Rating at BofA Securities

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BofA Securities analysts started coverage on Samsara Inc (NYSE:IOT) with a Buy rating and a price target of $37 on the stock.

The analysts highlighted that Samsara is transforming roadway safety with its AI-enabled dash cams and real-time driver coaching software, which have been shown to reduce total accidents by approximately 29%. Additionally, Samsara is making significant strides in the over $19 billion vehicle telematics industry, capturing about 1% market share in North America annually with its user-friendly and feature-rich solutions.

Samsara's fleet-focused offerings, each generating over $450 million in annual recurring revenue (ARR), are reported to save customers around $2 million per year, providing an 8x return on investment. The telematics industry, which uses GPS and sensors to monitor vehicle location, fuel usage, and idling for increased efficiency, is currently filled with outdated legacy products. The analysts believe we are in the early stages of a widespread replacement cycle, positioning Samsara well for growth.

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