Impinj price target lowered to $130 from $182 at Needham

Needham lowered the firm’s price target on Impinj (PI) to $130 from $182 but keeps a Buy rating on the shares. The company guided for Q1 revenues to be down 5%-9% y/y vs. Street expectations of 21% growth, and with no large programs ramping in the first half, the firm expects only modest improvement in endpoint product revenues over the next few quarters, the analyst tells investors in a research note. Needham adds however that it remains positive on the multi-year RFID adoption cycle for Impinj.