Piper Sandler Raises Impinj Price Target to $225, Warns Stock Valuation May Be Stretched Despite Strong Fundamentals

Piper Sandler analysts raised their price target on Impinj (NASDAQ:PI) to $225 from $180, maintaining an Overweight rating on the stock.

The analysts expressed enthusiasm for Impinj’s strong fundamentals, noting that the company is poised to deliver outperforming results due to growing traction in its key markets. However, they highlighted that the stock has experienced significant gains over the past six months, particularly in the last month, which may make it challenging for investors to take new positions in the near term.

The analysts expect momentum in the logistics sector, driven by a major customer, to continue into 2025, with potential for international expansion. They also pointed to additional growth opportunities in general merchandise and food categories, signaling a shift away from retail. While optimistic about Impinj’s fundamentals over the next year, the analysts acknowledged that the current stock valuation appears stretched.