Canaccord Genuity's Michael Walkley raised their price target on Powerfleet (NASDAQ: PWFL) by 66.7% from $6 to $10 on 2024/03/13. The analyst maintained their Strong Buy rating on the stock.

In a note assessing Powerfleet's Q4 and FY 2023 report released on 2024/03/12, Walkley explained that the price target adjustment takes into account the upcoming completion of the company's acquisition of MiX Telematics in April 2024. The analyst believes that this deal will provide Powerfleet with greater scalability and the potential to create meaningful shareholder value.

Powerfleet, Inc. reported mixed financial results for Q4 2023 and FY 2023. In Q4 2023, the company reported a loss per share of $(0.13), missing Q4 2022's $(0.08) by 62.5%. However, its revenue of $34.5 million exceeded the Zacks Consensus Estimate of $33.22 million and represented a 4.2% increase compared to Q4 2022's $33.11 million.

For FY 2023, Powerfleet reported a loss per share of $(0.29), which missed FY 2022's $(0.34) by 14.7%. The company's revenue for FY 2023 was $133.59 million, slightly lower than FY 2022's $135.16 million by 1.2%. It is worth noting that management did not provide guidance in the earnings call or press release.

Despite the mixed financial results, CEO Steve Towe expressed optimism about Powerfleet's strategic initiatives. Towe stated, "On top of the world-class execution the team has delivered on strategic M&A activities, we have demonstrated our ability to take bold decisions to reshape the business and establish a platform to deliver significant improvements in business performance."

Towe further highlighted the company's pivot to its data and AI-led Unity ecosystem, which contributed to an annual increase in constant currency service revenue of 14%. He also emphasized the company's focus on redirecting resources towards more profitable and higher-growth areas.

Following Canaccord Genuity's rating update, Lake Street's Jaeson Schmidt also issued an update on PWFL on 2024/03/13. Schmidt raised their price target by 75%, from $4 to $7, and maintained their Strong Buy rating on the stock.

Analyst ratings for PWFL remain overwhelmingly positive, with 100% of top-rated analysts currently rating the stock as a Strong Buy or Buy. No analysts see it as a Hold, and none recommend or strongly recommend selling the stock.

Since Powerfleet's latest quarterly report on 2024/03/12, the stock price has increased by 12.7%. Year-over-year, the stock is up 23.2%. However, during that same period, PWFL has trailed the S&P 500, which has seen a gain of 34%.

Canaccord Genuity analyst Michael Walkley has a strong track record, ranked in the top 4% out of 4,505 Wall Street analysts by WallStreetZen. With an average return of 12.6% and a win rate of 58.8%, Walkley specializes in the Communication Services, Technology, and Industrials sectors.

PowerFleet, Inc. is a provider of wireless Internet-of-Things asset management solutions. The company offers real-time intelligence for organizations to capture IoT data from various types of assets, improving efficiencies, safety, security, and profitability. PowerFleet sells its products to various sectors, including manufacturing, automotive, wholesale and retail, food and grocery distribution, pharmaceutical and medical distribution, construction, mining, utilities, aerospace and defense, and more.