Impinj price target lowered to $79 from $90 at Lake Street

Lake Street analyst Jaeson Schmidt lowered the firm’s price target on Impinj (PI) to $79 from $90 and keeps a Buy rating on the shares as the analyst took over coverage. Given the prior expectations for inventory destocking to impact the second half of 2023 and Avery Dennison’s (AVY) softer guidance, the firm thinks expectations were low going into the print and believes Impinj’s “strong results and solid outlook should give investors confidence Q3 was the low watermark,” the analyst said.