Impinj Inc (PI) Results Beat Despite Supply Constraints, Canaccord Genuity Reiterates $75 PT
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Canaccord Genuity analyst Michael Walkley reiterated a Buy rating and $75.00 price target on Impinj Inc (NASDAQ: PI) after the company reported Q2/21 results well ahead of guidance on both the top and bottom line, primarily driven by continued rebound in endpoint volumes as the company shipped more endpoint IC inventory than planned. However, management once again noted endpoint demand is much greater than the company’s ability to supply, which is likely to continue limit sales for the next several quarters.
The analyst stated "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. We anticipate steadily recovering sales as retailers experience increased store traffic and economies recover. We also expect a very strong 2022 due to a robust pipeline of systems deals combined with ongoing endpoint recovery and improved supply could result in upside to our increased estimates."
Shares of Impinj Inc closed at $43.19 yesterday.
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