Impinj initiated with a Sell at BWS Financial

BWS Financial analyst Hamed Khorsand initiated coverage of Impinj with a Sell rating and $45 12-month price target. The company was a late beneficiary to the pandemic “and could now be on the cusp of a correction in its revenue growth trajectory,” the analyst tells investors in a research note. The firm says consensus estimates call for another 36% increase in revenue in 2023 even though Impinj is “heavily dependent” on retail apparel for its radio frequency identification chips. BWS believes the stock is “priced for perfection when there are signs of higher risk for a downside move.”