Impinj Inc (PI) PT Raised to $260 at Cantor Fitzgerald
Cantor Fitzgerald analyst Troy Jensen raised the price target on Impinj Inc (NASDAQ: PI) to $260.00 (from $205.00) while maintaining a Overweight rating.
The analyst comments "Impinj posted better-than-expected third-quarter results with record revenue, IC shipments, and adjusted EBITDA. Revenues came in better-than-expected on strong endpoint IC sales. The revenue and earnings beat was driven by broad-based strength in supply chain and logistics, steady growth in retail general merchandise, and secular growth in apparel. PI posted 3Q24 EPS of $0.56, exceeding Cantor and FactSet consensus estimates of $0.48 (management midpoint guidance =$0.48). The company remains optimistic regarding several new opportunities in the grocery vertical, with a new marque customer starting a deployment within the next few quarters. Management also highlighted ther optimism regarding Qualcomm's intention to integrate RAIN reading capabilities in mobile devices. We would point out that the speed of the grocery vertical has surprised us to the upside and the partnership with Qualcomm is new to us, justifying a higher multiple for PI shares. We are reiterating our Overweight rating on PI shares and have raised our price target to $260 from $205."