BofA Securities raised its price target on Samsara (NYSE: IOT) to $55 from $47. The firm maintained a Buy rating on the company following its strong second-quarter fiscal 2027 results.
Samsara reported quarterly revenue of $508.4 million, marking a 30% year-over-year increase. Adjusted earnings reached $0.20 per share, beating consensus estimates. Annual recurring revenue (ARR) grew 30% to over $2.1 billion.
BofA cited the company's net new ARR of $134 million, which surpassed bullish investor expectations. The firm also noted an acceleration in connected camera growth.