Impinj price target raised to $160 from $150 at Canaccord

Canaccord raised the firm’s price target on Impinj to $160 from $150 and keeps a Buy rating on the shares. The firm said they reported strong Q1 results with revenue and adjusted EBITDA exceeding both Q4 results and Q1 guidance. Canaccord believes the inventory reduction that impacted Impinj’s business in 2023 is recovering faster than anticipated driven by improving demand in retail apparel and general merchandise.