Piper Jaffray Raises price Target on Impinj (PI) to $30 Following June Quarter

September 1, 2016 7:34 AM EDT
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Price: $33.61 +7.97%

Rating Summary:
    5 Buy, 0 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 24 | Down: 17 | New: 14
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Piper Jaffray reiterated an Overweight rating on Impinj Inc (NASDAQ: PI), and raised the price target to $30.00 (from $24.00), following the company's June quarter results. Impinj revenues increased to $26M, which exceeded consensus expectations by $0.7M. Non-GAAP EPS came in $0.04 better than the consensus expectations. September quarter revenues are expected in the range of $27.4-28.9M, compared to consensus of $26.8M.

Analyst Troy Jensen commented, "Impinj reported impressive June quarter results with revenues, margins and EPS all exceeding consensus expectations, as well as guiding Q3 sales and earnings above the Street. Demand for IC endpoints was the primary catalyst to the upbeat results, but the company continued to see strong momentum for readers and their new ItemSense software platform. In addition, due to the inflection the industry is currently experiencing for IC endpoints, Impinj raised their annual IC forecast. Following these positive results, we believe demand for item intelligence continues to grow from a broad set of customers, and remain believers the company is well positioned to experience strong near- and longterm growth as the industry appears to be inflecting. We believe multiple beat and raise quarters are still to come, and expect healthy margin expansion to begin in 2018. We are reiterating our OW rating and increasing our price target from $24 to $30."

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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