Why Impinj Stock Was Gliding Higher This Week
Key Points
The IoT components maker received good marks from two analysts.
Both recommend its stock as a buy.
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The target of not just one but two bullish analyst notes in a matter of days, Impinj (NASDAQ: PI)'s stock was a success story this week. According to data compiled by S&P Global Market Intelligence, its shares had risen in value by 11% week to date as of late Thursday evening.
Impressed by the IoT star
The first of the two analyses evaluating Impinj -- which makes radio frequency identification (RFID) components, and was one of the companies responsible for the growth of the Internet of Things (IoT) industry -- was published on Monday. This was an update from Cantor Fitzgerald's Troy Jensen detailing a significant price target raise.
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Jensen lifted his fair value assessment on Impinj stock to $217 per share, well above his previous level of $158. It probably goes without saying that he's positive on the stock, as he maintained his overweight (read: buy) recommendation.
Bullish analyst note No. 2 came the following day from Barclays' Guy Hardwick, who initiated coverage of Impinj's shares. Like Jensen he believes the stock is a buy, and he set a price target of $200.
The takes from two bulls
According to reports, both analysts believe Impinj is very well positioned to benefit from the robust takeup of Internet of Things functionalities -- for which its technology is crucial. Jensen felt compelled to raise his full-year 2025 and 2026 estimates for both revenue and profitability. Hardwick believes Impinj's role in the broader IoT sphere will only become more prominent and essential.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool recommends Barclays Plc and Impinj. The Motley Fool has a disclosure policy.
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