Impinj Inc (PI) PT Raised at Piper Sandler as 'Walmart Brings Positive Catalyst'

Piper Sandler analyst Harsh Kumar raised the price target on Impinj Inc (NASDAQ: PI) to $230.00 (from $180.00) while maintaining an Overweight rating.

The analyst commented: "Walmart Brings Positive Catalyst for PI's Food Segment; Avery Dennison (AVY, not covered) reported its Q3 earnings this morning. We monitor AVY as one of the key intelligence label suppliers and channel partners for Impinj. On the earnings call, AVY management highlighted the details of its recently announced partnership with WMT (covered by Peter Keith), where AVY will utilize its RFID technology to label food products including meat, bakery, and deli items. We view this as an extremely positive development for overall RFID intelligence labels adoption and expect PI to be a key beneficiary. We note that WMT has already had two successful phases with PI, so we are confident that PI will likely be involved in the implementation of this next stage. The initial ramp is expected to start in 4Q2025 and should continue for the next two years into 2027. Overall, we expect the AVY and WMT partnership to significantly boost RFID adoption across the food industry and are very bullish into next week’s PI print."

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