Bank of America likes this new AI play from the auto sector
Summary
Before a multiyear adoption cycle for artificial intelligence -enabled dashcam technology takes hold, investors should watch a key software stock in the automotive industry , according to Bank of America. " "While dash cam hardware is relatively commoditized, the secret sauce lies in the companys software, which provides real-time coaching via in-cab audio alerts if drivers become distracted or follow other cars too closely." While the stock is down more than 13% this month and 12% for the year, Bullock initiated a buy rating on the company with a price target of $37 on shares, which implies about 25% upside from Tuesdays close. IOT 1D mountain Samsara, 1-day Bullocks thesis is underpinned by constructive end-market demand trends and checks with industry participants that suggest a differentiated suite of offerings. "More modern competitors lack the comprehensive feature set/platform breadth provided by Samsara (which offers a full suite of products spanning other areas like telematics, equipment and site monitoring, and driver workflow apps)," he wrote.