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Strategies & Market Trends : The New Economy and its Winners

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From: Bill Harmond	8/4/2017 9:22:21 AM
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Impinj: Color on Quarter (47.92) RBC Capital Mkts lowers their PI tgt to $50 from $59 While Impinj reported solid results in the quarter, we note that the guidance was disappointing. Importantly, the company notes that the "whales" have been landed and the delay is in magnitude of quarters vs. years (implies impact on CY18, in our view). Needham notes PI after the close reported a mixed quarter. Q2 revenues, adj. EBITDA and EPS solidly beat expectations and guidance, but mgmt offered a much weaker outlook for Q3 due to delayed deployments on the part of several large retailers. Mgmt now expects endpoint IC volumes to increase 17%-20% in 2017, vs. prior guidance of 30%-33% growth. The delays appear to include 3-5 existing and new customers that are still likely to move forward with the rollouts, though the timing is unclear. PI expects Q3 revs to increase 2%-7%, well below expectations of 22% growth. PI shares will undoubtedly be hit hard at the open this morning, but they still believe positive investment thesis will prove out, notwithstanding this near-term setback PI down 22% premarket near 200-DMAs

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