First Analysis analyst Howard Smith kept his Overweight rating and $29 price target on CalAmp, saying his recent meetings with its management reinforce his view that the company is "executing well as an increasingly differentiated wireless IoT partner to large enterprises". The analyst notes the management highlighted the continued potential for solution providers using their own hardware to outsource to CalAmp as well as its optimism around selling more value-added services to the current hardware customers, forecasting the company to achieve higher gross margins and possibly engage in M&A.