Analyst James Ricchiuti of Needham reiterated a Buy rating on IMPINJ, with a price target of $165.00.
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James Ricchiuti has given his Buy rating due to a combination of factors that highlight IMPINJ’s strong performance and strategic positioning. Despite facing challenges in the retail apparel and logistics sectors, the company delivered a solid second-quarter performance, surpassing expectations with a smaller-than-anticipated revenue decline. This resilience is attributed to the growing demand for their M800 endpoint IC family and Gen2x technology, which are gaining traction in new applications.
Moreover, the company has demonstrated strong execution with a robust book-to-bill ratio for endpoint ICs, suggesting continued momentum into the next quarter. IMPINJ’s guidance for the third quarter also exceeded market expectations, indicating confidence in their ongoing operations. The analyst anticipates a multi-year cycle of RFID adoption, which is expected to drive future growth, reinforcing the Buy rating on the stock.
In another report released today, Roth MKM also maintained a Buy rating on the stock with a $165.00 price target.