Needham & Company Raises Price Target as Impinj (PI) Reports Solid 2Q Report
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Needham & Company reiterated a Buy rating on Impinj Inc (NASDAQ: PI), and raised the price target to $28.00 (from $24.00), following the company's 2Q earnings report. PA reported revenues of $26.0M, above the consensus estimate of $25.3M. Non-GAAP EPS totaled $0.06, solidly above consensus' $0.02 estimate.
Analyst James Ricchiuti commented, "PI after the market close yesterday reported its first quarter as a public company, beating Street estimates on both the top and bottom line. Revenues increased 36% y/o//y, compared with Street expectations of 32% y/ o/y growth. Adjusted EBITDA and non-GAAP EPS came in well above expectations. Mgmt provided guidance for Q3 that was above Street expectations, with revenues expected to be up 32-40%. We expect PI to maintain a revenue CAGR of 25-30% over the next several years with improving profitability as deployment of this increasingly important technology expands in its core markets. The company’s long-term model calls for product revenue growth of approximately 25% and adjusted EBITDA margins of 12-16%. We reiterate our Buy rating."
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
Related EntitiesNeedham & Company, Earnings
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