Needham & Company Came Away from Impinj (PI) Presentation 'More Optimistic About Upside'

Needham & Company analyst James Ricchiuti weighed in on Impinj Inc (NASDAQ: PI) CEO, Chris Diorio, and CFO, Evan Fein, presented to a packed audience at the 19th Annual Needham Growth Conference.

Ricchiuti commented, "PI generated strong demand for one-on-ones at our conference, with meetings 6x oversubscribed. The tone of the presentation was upbeat, with management bullish about the growth prospects for its RAIN RFID technology across multiple verticals. Notwithstanding concerns about mixed department store holiday sales, momentum in the apparel retailing, currently PI’s largest vertical, appears strong, as the industry remains in the early innings of adopting RAIN RFID technology for both in-store applications and critical omni-channel strategies. Expanded penetration of RAIN technology in other key verticals, notably healthcare, manufacturing and transportation & logistics, bode well for PI’s continued strong growth. Net-net, we came away from today’s presentation more optimistic about upside potential to estimates for 2017."

The firm maintained a Buy rating and price target of $32 on the stock.

For an analyst ratings summary and ratings history on Impinj Inc click here. For more ratings news on Impinj Inc click here.

Shares of Impinj Inc closed at $32.25 yesterday.

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