Needham analyst James Ricchiuti maintained a Buy rating on IMPINJ (PI – Research Report) today and set a price target of $115.00.
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James Ricchiuti has given his Buy rating due to a combination of factors including IMPINJ’s strong quarterly performance and promising future prospects. The company reported first-quarter results that surpassed expectations, with revenues exceeding guidance and adjusted EBITDA significantly above consensus estimates. Furthermore, the guidance for the second quarter also suggests revenues will be above market expectations, indicating a positive outlook.
Ricchiuti notes that IMPINJ is effectively managing its costs while keeping an eye on demand trends, which bodes well for its financial health. Additionally, the company is benefiting from partners expanding their supply lines and maintaining inventory levels to navigate tariff challenges. The analyst believes that these strategic moves, along with the anticipated multi-year adoption cycle of RFID technology, justify a Buy rating for IMPINJ’s stock.
Ricchiuti covers the Technology sector, focusing on stocks such as Stratasys, Teledyne Technologies, and TTM Technologies. According to TipRanks, Ricchiuti has an average return of 2.8% and a 44.42% success rate on recommended stocks.
In another report released on April 22, Piper Sandler also reiterated a Buy rating on the stock with a $100.00 price target.