Impinj price target raised to $140 from $100 at Piper Sandler

Piper Sandler raised the firm’s price target on Impinj to $140 from $100 and keeps an Overweight rating on the shares. The firm feels commentary from Avery Dennison’s (AVY) earnings call as largely positive for Impinj (PI) into the print, specifically for the prospects for growth within emerging end markets such as food and logistics. Avery’s retail sales in its intelligent labeling segment were down mid-single-digit year-over-year while food, logistics and other categories grew mid-single-digit collectively. Additionally, while tariffs remain uncertain for Impinj, per Avery, planned rollouts remain on track for the year, which Piper sees as positive for Impinj given its enterprise platform strategy.