RBC Capital Reiterates Bullish View on Impinj (PI) Amid Strong Growth
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RBC Capital analyst Mitch Steves reiterated an Outperform rating and $37 price target on Impinj Inc (NASDAQ: PI) after the company reported a solid beat and raise quarter driven by larger than expected end-point shipments. In addition, guidance was well ahead of expectations showing continued revenue growth momentum.
Steves noted the following takeaways:
1) margins continue to expand,
2) long-term sales growth target of 25% was reiterated,
3) the balance sheet remains healthy and
4) we are still waiting for software ramps over the next several years as another upside driver. If we look at the market opportunity, we continue to see a significant number of use cases and believe that the Company is becoming a rare public IoT pure play.
Net Net: while the stock will likely remain volatile, we reiterate our Outperform rating on improving income statement dynamics
Shares of Impinj Inc closed at $25.30 yesterday.
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