Impinj initiated with an Outperform at Evercore ISI

Evercore ISI initiated coverage of Impinj with an Outperform rating and $160 price target. The firm calls Impinj a “Tectonic Shift play” as a key supplier into the emerging IoT market, which it expects to grow to tens of billions of units. The firm expects operating margins to expand 2,500 basis points over the next 10 years and believes the stock “presents one of the best growth stories in the analog/MCU complex,” the analyst tells investors.