Impinj price target raised to $151 from $138 at Needham

Needham raised the firm’s price target on Impinj (PI) to $151 from $138 and keeps a Buy rating on the shares ahead of its Q1 results next week. The company has consistently exceeded consensus quarterly growth expectations over the last three years and should post another top and bottom line beat, the analyst tells investors in a research note. The growing number of high-profile RFID use cases in retail apparel and logistics and the likelihood of increased wafer supply from the company’s foundry partner TSMC (TSM) are providing a strong backdrop for robust revenue growth in 2023 and 2024, Needham added.