Impinj Inc (PI) PT Raised to $95 at Canaccord Genuity

Canaccord Genuity analyst T. Michael Walkley raised the price target on Impinj Inc (NASDAQ: PI) to $95.00 (from $75.00) while maintaining a Buy rating.

The analyst commented, "Impinj reported Q3/21 results well ahead of guidance on both the top and bottom lines, primarily driven by accelerating M700 endpoint volumes and improving system sales. Despite the revenue beat, management once again noted endpoint demand is much greater than the company’s ability to supply, which is likely to continue to limit sales for the next several quarters. In fact, management indicated demand still exceeded shipments by ~50%+. With the pandemic disrupting global in-store retail sales, we believe the value of Impinj’s solutions has been further validated, positioning the company for strong long-term growth. We remain confident in our long-term thesis for growth opportunities for RAIN RFID adoption with strong growth potential across retail, supply chain and logistics, auto, aviation and other large markets. While supply constraints will remain a headwind well into 2022, we anticipate a steady recovery in 1H/2022 followed by strong long-term growth trends due to a robust pipeline of systems deals combined with ongoing endpoint recovery and improved supply could result in upside to our increased estimates. With Impinj’s product leadership, end-toend solutions, and strong long-term growth opportunities, the company is investing during these uncertain times to increase market share and drive long-term revenue growth. Based on the long-term growth potential for RAIN RFID adoption, we introduce our 2023 estimates, reiterate our BUY rating, and increase our price target to $95."

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