Canaccord Genuity analyst Michael Walkley maintained a Buy rating on IMPINJ Inc (PI) yesterday and set a price target of $31. The company’s shares opened today at $18.24.
Walkley commented:
“We maintain our belief the long-term growth for RAIN RFID adoption remains strong and Impinj should benefit from strong long-term growth trends. In fact, data from the recent RAIN Alliance meetings suggests 23% annual growth to 15.4B RFID tags sold in 2018 with forecasts for 20B tags sold by 2020. Given the industry forecasts, we are increasingly confident in our Impinj model estimates that assume industry endpoint growth of 15-20% annually. We believe the long-term prospects for the RAIN market remain strong with long-term growth potential across retail, healthcare, and other large markets benefiting from RAIN RFID solutions. Given the long-term market growth opportunities, we believe Impinj should return to mid- teens revenue growth in 2019 and 2020 driven by strong global adoption of the RAIN ecosystem in leading IoT vertical markets such as retail and healthcare.”
According to TipRanks.com, Walkley is a 5-star analyst with an average return of 11.9% and a 58.5% success rate. Walkley covers the Consumer Goods sector, focusing on stocks such as Sequans Communications S A, Adesto Technologies Corp, and Sierra Wireless Inc.
IMPINJ Inc has an analyst consensus of Moderate Buy, with a price target consensus of $29.50.
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The company has a one-year high of $28.48 and a one-year low of $11.57. Currently, IMPINJ Inc has an average volume of 240.9K.
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IImpinj, Inc. engages in the development and sale of RAIN, a radio frequency identification solution. Its platform allows inventory management, patient safety, asset tracking and item authentication for the retail, healthcare, supply chain & logistics, hospitality, food & beverage and industrial manufacturing industries.
