Goldman Sachs analyst Toshiya Hari reiterated a Buy rating on IMPINJ today and set a price target of $156.00.
Toshiya Hari has given his Buy rating due to a combination of factors, one of which is the strong performance of Impinj in terms of shipping its Endpoint IC products to inlay partners. This trend is expected to continue improving after a period of prolonged inventory adjustments in the latter half of 2023. Additionally, the positive impact of a recent litigation settlement has provided the company with a steady and increasing revenue stream that is expected to contribute to earnings before interest, taxes, depreciation, and amortization (EBITDA) over a decade.
In light of these developments, Toshiya Hari has increased his EBITDA projections for Impinj for the years 2024 through 2026 by an average of 42%. This financial optimism is further supported by the potential for broader adoption of RAIN RFID technology, which Impinj facilitates, in both well-established markets like retail apparel and general merchandise, as well as in growing sectors like supply chain logistics and food. As a result, with a target price that suggests a significant upside, Hari maintains a confident Buy recommendation for Impinj’s stock. |
