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Technology Stocks : Impinj, Inc.
PI 163.81-3.1%3:59 PM EST
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To: Cooters who wrote (213)1/18/2024 12:39:18 PM
From: Cooters1 Recommendation

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Needham & Company analyst James Ricchiuti raised the price target on Impinj Inc to $115.00 (from $85.00) while maintaining a Buy rating after the company's positive preannouncement ahead of the Needham Growth Conference.

The analyst commented, "Ahead of its participation at the 26th Annual Needham Growth Conference, PI said Q4 revenues would be above $70MM, exceeding the upper end of guidance, with adj. EBITDA also well above expectations. PI's upbeat tone yesterday at NGC was consistent with discussions we had with other RFID industry players at this week’s National Association of Retailers (NRF) Show in NY. We expect continued momentum from the company’s lighthouse enterprise customers and faster progress bringing down endpoint IC channel inventories across the broader retail apparel market to put PI back on a strong growth trajectory in the 2H’24, continuing through 2025. We are raising our revenue estimates for 2024 and introducing a 2025 forecast that assumes 22% growth and significant earnings leverage with the higher volumes.,/b> We reiterate our Buy rating."
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