Impinj Inc (PI) PT Raised to $118 at Lake Street Capital Markets

Lake Street Capital Markets analyst Troy Jensen raised the price target on Impinj Inc (NASDAQ: PI) to $118.00 (from $79.00) while maintaining a Buy rating.

The analyst commented: "We are encouraged to see the Company’s large inlay partners entering the new year with relatively healthy inventory levels which leaves them well positioned to ramp M800 volumes. We believe the strong results and solid Q1 outlook should help ease investors around previous inventory destocking issues. With visibility remaining cloudy around the second half of the year it is too early to say the retail downturn is over, however, we are encouraged by management’s positive commentary around further green shoots in the space. We believe Impinj is on a path to see revenue and earnings growth this year with accelerating growth in 2025. While shares have climbed 26% in the last month, we believe there is still room for shares to churn higher as the Company returns to a normal operating environment. We are reiterating our Buy rating and adjusting our price target to $118."

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