Impinj is a buy, this analyst says

Roth Capital analyst Scott Searle maintained a “Buy” rating and $180.00 target on Impinj (Impinj Stock Quote, Chart, News, Analysts, Financials NASDAQ:PI), raising his near-term outlook after the company reported first-quarter upside and guided above expectations for the second quarter.

Impinj supplies RFID products using the ultra-high-frequency RAIN standard.

Searle said in his April 30 sales analysis, first-quarter revenue of $74.3-million was modestly above guidance, with Endpoint IC revenue of $63.2-million slightly ahead of expectations as excess customer and channel inventory normalized. Systems revenue was $11.0-million, below expectations, while non-GAAP EPS of $0.14 topped consensus of $0.11.

Searle said demand is recovering, with second-quarter sales guidance of $103-million to $106-million above consensus and supported by improving Endpoint IC demand, a sequential uptick in Systems and a $17-million annual payment from NXP.

“Given the normalization of customer/channel inventory, sustained end market demand and expected new opportunities, we are raising our 2Q26 estimates,” Searle said, while noting he is trimming second-half 2026 and 2027 sales expectations to reflect a more modest Systems contribution.

Impinj recorded record first-quarter bookings as channel inventory cleared and apparel demand recovered. Searle also pointed to market-share gains from new products, including M800, and said Gen2X should support further gains in 2026 and 2027.

Additional potential catalysts include Walmart Phase III and food and grocery opportunities, which Searle said could begin contributing in the second half of 2026.

The analyts raised his 2026 EPS estimate by $0.16 to $2.05 and left his 2027 EPS estimate unchanged at $2.91.

-30-