As reported previously, Canaccord analyst T. Michael Walkley upgraded Impinj to Buy from Hold. The analyst believes the progress made during Q1, with hundreds of millions of units reduced versus his expectations of the industry clearing 500M to 1B units of channel inventory, will impact near-term results. However, this should be followed by sequential growth in Q2 and Q3 and a return to year-over-year growth in Q4. Based on the current share price and longer-term growth opportunities, he raised his rating to a Buy. Walkley also raised his price target on Impinj shares to $18 from $17.

Susquehanna analyst Christopher Rolland raised the firm's price target on Impinj to $140 from $130 and keeps a Positive rating on the shares. The firm previewed their semiconductors space for Q1 and raised its target onselect names despite expecting broad-based headwinds although admitting different markets/companies remain at different sections of the downcycle.