Needham & Company Raises Price Target as Impinj (PI) Reports Solid 2Q Report

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."

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 $22.82 yesterday.

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