RBC Capital Raises Price Target on Impinj (PI) to $37; Reiterates Outperform
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RBC Capital reiterated an Outperform rating on Impinj Inc (NASDAQ: PI), and raised the price target to $37.00 (from $30.00), as the cost of RFID chips continues to decline. RBC Capital sees this as an opportunity for the company to expand.
Analyst Mitch Steves commented, "We take a look at the long-term use cases for Impinj products and come away incrementally more positive as we think Consumer/Retail exposure will decrease as a percentage of total revenue due to higher than expected growth from other verticals. While retail represents 60%+ of Impinj's revenue today, other use cases appear to be popping up and growing at faster rates including Logistics, asset management and ticketing/tracking (McDonald's). Beyond the increasing use cases, we also note that the declines in ASPs have been more than offset by an increasing TAM as the lower price points open up new revenue opportunities. Net Net: we are raising our price target to $37 (from $30) on the back of new use cases for Impinj's products and confidence in revenue results. Our new estimates now stand closer to the high-end of original Sept-qtr guidance."
Shares of Impinj Inc closed at $32.51 yesterday.
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