Impinj price target raised to $130 from $120 at Needham

Needham raised the firm’s price target on Impinj (PI) to $130 from $120 and keeps a Buy rating on the shares. The company “scored a major victory” in its long-running IP skirmish with NXP Semiconductor (NXPI) that have “significant financial implications” as both companies entered into a settlement and patent-cross-selling license agreement resolving all outstanding litigation and other proceedings, the analyst tells investors in a research note. The outcome of the IP dispute is likely to be a “clear victory” for Impinj, while the settlement also largely removes what would have been continued high legal expense in the coming quarters, the firm added.