PI - Impinj Hits A High Note As Analyst Optimistic On RFID Expansion Bumps Up Price Target | Benzinga
Needham analyst James Ricchiuti raised the price target of Impinj Inc (NASDAQ:PI) to $115 from $85 while maintaining a Buy rating.
The bullish stance reflects PI’s expectation of better-than-expected fourth-quarter 2023 results.
This Wednesday, PI said it now projects revenue over $70 million, vs. prior guidance of $65.5 million to $68.5 million (vs. consensus of $67.02 million) and adjusted EBITDA of more than $2.5 million, vs. previous guidance of ($0.9) million to $0.7 million in the quarter.
PI indicated that the upside was led by a stronger-than-expected increase in endpoint revenue ...