Impinj (PI): Raising PT After A Beat And Raise Quarter - RBC
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RBC Capital analyst, Mitch Steves, maintained his Outperform rating on shares of Impinj Inc (NASDAQ: Pi) and raised the price target to $30.00 (from $25.00) after Impinj reported a beat and raise for its first earnings call. While the software piece of the business is new, the analyst thinks the long-term story is intact and he adjusts his estimates and price target upward.
The analyst stated " Impinj reported a beat-and-raise quarter across the income statement where the revenue beat was driven by endpoint ICs (CY16 endpoints expected to be 4.9–5.1B for the year) and margins improved +80bps q/q to 53.4%. We think the gross margin performance is important given that upside was driven by endpoint ICs, implying that gross margins can go higher even if mix is heavily focused on end-points (near-term). While the quarter focused primarily on endpoint upside, we think the "IoT Pure Play" potential remains on the table given that the company has 50 active proof of concepts and has its first paying ItemSense customer on board".
Shares of Impinj Inc closed at $22.82 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change, Earnings
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