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

Piper Sandler lowered the firm’s price target on Impinj (PI) to $100 from $140 and keeps an Overweight rating on the shares. The firm is cutting numbers for Impinj ahead of the company’s Q1 print tomorrow. Piper believes Impinj has one of the broadest exposures to macro and specifically the consumer within its coverage group. Exposure to retail apparel, general merchandise, and logistics, is concerning to the firm given the uncertain tariff environment and potential end demand hits as a result of a weakening consumer. Overall, Piper believes that roughly 80% of Impinj’s total revenues, or the entire endpoint IC business, is exposed to the weakening consumer backdrop.