Samsara Inc. (NYSE: IOT) shares gained more than 2% on Wednesday after Evercore ISI upgraded the stock to In Line from Underperform and raised its price target to $50.00 from $45.00.

The firm cited a constructive multi-year outlook driven by product expansion in underpenetrated markets, a strong track record of exceeding expectations, and attractive valuation relative to its durable 25%+ revenue growth potential.

Analysts pointed to optionality in artificial intelligence products, exposure to operational rather than IT budgets, and opportunities in verticals such as construction and state and local government. They added that Samsara's evolution into a Connected Platform enhanced its ability to cross-sell and expand internationally.

While Evercore noted no immediate catalysts, it said the stock offered attractive risk-reward over the next 6-12 months for investors confident in sustained revenue growth and margin expansion.