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

Needham analyst James Ricchiuti raised the firm’s price target on Impinj (PI) to $130 from $120 and keeps a Buy rating on the shares after the company’s better than expected Q4 revenue pre-announcement that served to reinforce his view that its strong growth trajectory can continue in 2023 and 2024. Ricchiuti adds that while Impinj foundry partner TSMC (TSM) is increasing allocations, that is still not enough to meet demand in the core retail apparel market.