James Ricchiuti, an analyst from Needham, maintained the Buy rating on IMPINJ (PI – Research Report). The associated price target was lowered to $130.00.
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James Ricchiuti has given his Buy rating due to a combination of factors including IMPINJ’s potential for long-term growth despite the current challenges. While the company has issued a lower revenue guidance for the first quarter, largely due to inventory adjustments by their channel inlay partners, Ricchiuti remains optimistic about the future prospects. He acknowledges the absence of significant near-term catalysts and has consequently adjusted revenue estimates downward for the year.
However, the analyst is confident in the company’s multi-year growth potential driven by the broader adoption of RFID technology. This optimism is further bolstered by IMPINJ’s emerging opportunities, such as their involvement with a second grocer for self-checkout applications. Despite the immediate hurdles, Ricchiuti believes that the long-term growth trajectory justifies a Buy rating.
In another report released on January 22, Susquehanna also maintained a Buy rating on the stock with a $220.00 price target.