First Analysis analyst Howard Smith downgraded CalAmp to Outperform and lowered his price target for the shares to $22 from $29. Following the company's Q3 preannouncement, it is prudent to exercise caution on the name due to the heightened uncertainty from supply chain disruptions, component shortages, and macroeconomic challenges, Smith tells investors in a research note. The analyst, however, continues to think CalAmp's "strong" position in wireless Internet of Things will lead to more consistent growth and a higher margin profile longer term, which should reward shareholders.