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Strategies & Market Trends : The New Economy and its Winners

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From: Bill Harmond	11/2/2017 3:05:46 PM
	of 57684

02-Nov-17 14:59 ET TICKER ALERT: PI Impinj target lowered to $42 at Dougherty & Company -- Don't believe the opportunity has changed, but the ASPs have (20.75 -12.05) Dougherty & Company lowers their PI tgt to $42 from $62. Co missed Q317 EPS and guided Q417 below expectations. Relative to firm's overall thesis, there was one incremental negative data point -- greater than expected ASP erosion due to "stiffened competition." They are lowering their rev and GM% ests as a result. There is no doubt in firm's mind that the RAIN RFID category continues to offer open-ended growth and that co is likely to maintain its industry leadership. Firm believes co has barely scratched the surface. However given the near-term ASP headwind they are going to use a lower multiple of 6x EV/S to value PI, resulting in a new tgt using their new FY18 rev est of $145MM. They note that their ests through FY21 assume a revenue CAGR of 15%+ with expanding margins as fixed readers and software become a larger portion of the mix.

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