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Samsara's Data, Vehicle Network Can Drive Innovation, New Markets, RBC Says

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Samsara (IOT) shows the ability to leverage trillions of its proprietary data points and vast network of vehicles to fuel product innovation and unlock new markets and verticals, RBC Capital Markets said in a Thursday note.

The company's product development philosophy is built around a "compounding data flywheel," with deployed products generating data that enables the company to build new products at zero incremental hardware cost.

Samsara's new Tracking Label, a single-use, disposable Bluetooth tag, opens an entirely new customer segment, which includes shippers who don't necessarily operate heavy fleets but need cargo visibility, according to the note.

The investment firm said it believes that the company's ability to expand its platform will continue to be a defensible moat for the company as artificial intelligence worries affect the broader software space.

RBC maintained its outperform rating with a $42 price target.

Shares of Samsara were down nearly 4% in Thursday trading.

Price: $30.08, Change: $-1.17, Percent Change: -3.73%

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