Needham & Company Starts Impinj Inc (PI) at Buy
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Needham & Company initiated coverage on Impinj Inc (NASDAQ: PI) with a Buy rating and a price target of $24.
Analyst James Ricchiuti said, "Impinj is a leading supplier of RAIN RFID tag ICs, readers and software to companies across a wide range of industries, including two key end markets – retail and health care. Impinj addresses a multi-billion-dollar market with a broad product portfolio that enables wireless connectivity to billions of everyday items. We believe Impinj is the only company in the industry offering an integrated RFID platform that leverages its leadership position in endpoints (tag ICs) and connectivity (reader ICs and stationary readers) with emerging software capabilities. 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."
Shares of Impinj Inc closed at $19.97 yesterday.
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