Lake Street's Jaeson Schmidt raised their price target on Powerfleet (NASDAQ: PWFL) by 75% from $4 to $7 on 2024/03/13. The analyst maintained their Strong Buy rating on the stock.

In a recent report, Schmidt highlighted Powerfleet's better-than-expected revenue and adjusted EBITDA numbers for Q4 2023. Despite this positive performance, the analyst believes that the company's financial results did not receive enough attention, especially considering the impending merger with MiX Telematics and the establishment of the merged company's financial goals.

Schmidt expressed confidence in the successful completion of the merger and revised their estimates and price target to reflect the company's post-close metrics. This optimistic outlook is further supported by Powerfleet's CEO, Steve Towe, who emphasized the company's strategic decisions to reshape the business and focus on high-quality revenue streams.

Following Schmidt's update, Canaccord Genuity's Michael Walkley also issued a report on PWFL on 2024/03/13. Walkley raised their price target by a staggering 66.7%, from $6 to $10, and maintained their Strong Buy rating on the stock.

These analyst ratings reflect a positive sentiment towards Powerfleet, with 100% of top-rated analysts currently rating the stock as a Strong Buy or Buy. No analysts see it as a Hold, and there are no recommendations to sell the stock.

Since Powerfleet's latest quarterly report on 2024/03/12, the stock price has surged by 19.3%. Year-over-year, the stock has seen an impressive increase of 21.6%. However, it is worth noting that during this period, Powerfleet has slightly trailed behind the overall performance of the S&P 500, which has risen by 31.4%.

Lake Street analyst Jaeson Schmidt, who provided the initial rating update, is highly regarded by WallStreetZen, ranking in the top 25% out of 4,507 Wall Street analysts. Schmidt specializes in the Healthcare and Technology sectors, among others, and has an average return of 3.7% and a 46.7% win rate.

Powerfleet, Inc. is a company that provides wireless Internet-of-Things asset management solutions. Their offerings enable organizations to capture IoT data from various assets, improving efficiency, safety, and profitability through real-time intelligence. In addition to their core products, the company also provides hosting, maintenance, support, and consulting services. Powerfleet serves customers in a wide range of sectors, including manufacturing, automotive, wholesale and retail, logistics, and defense.