Pacific Crest Reiterates a Buy Rating on IMPINJ Inc

By Carrie Williams

In a report released yesterday, Brad Erickson from Pacific Crest reiterated a Buy rating on IMPINJ Inc (NASDAQ: PI), with a price target of $36. The company’s shares closed yesterday at $25.30.

Erickson said:

“We remain buyers of PI for three main reasons. (1) We think Macy’s commitment to RAIN adoption will drive greater vendor compliance, making RAIN more attractive to other large retailers, (2) we believe the company is setting itself up to accelerate higher-margin connectivity growth in particular with continued wins in automotive, healthcare, logistics and manufacturing, and (3) we think meaningful upside potential remains to estimates, particularly given the recent momentum and management still working hand-to-mouth on inventory.”

According to TipRanks.com, Erickson is ranked 0 out of 5 stars with an average return of -7.8% and a 45.1% success rate. Erickson covers the Technology sector, focusing on stocks such as TripAdvisor Inc., Qualcomm Inc, and FleetMatics.

IMPINJ Inc has an analyst consensus of Strong Buy, with a price target consensus of $31.25.

The company has a one year high of $38.43 and a one year low of $16.36. Currently, IMPINJ Inc has an average volume of 545.9K.

Impinj, Inc. provides ultra high frequency radio frequency identification solutions for identifying, locating and authenticating items. It develops and sales Item Intelligence products and services. Its platform connects everyday items such as apparel, medical supplies, automobile parts, rivers’ licenses, food, and luggage to applications. It’s applications includes inventory management, patient safety, asset tracking and item authentication, delivering real time information to businesses about items created, manage, transport, and sell. The company was founded by Carver Mead and Chris Diorio in April 2000 and is headquartered in Seattle, WA.