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PI

Impinj

$39.14

1.51 (4.01%)

, AMZN

Amazon.com

$950.87

12.27 (1.31%)

12:59
09/28/17
09/28
12:59
09/28/17
12:59

RFID-maker Impinj rallies after analyst sees new product positive

Shares of radio frequency identification, RFID, chip maker Impinj (PI) are continuing their recovery which started in late August. Today's rally follows a note from RBC analyst Mitch Steves. Steves' note was focused on the company's new Monza R6-A tag. The tag, which is specifically designed for the European retail market, will offer improved privacy, and will help in the company's European expansion, said the analyst. Steves kept his Outperform rating on the stock and noted that Impinj will need to add customers, execute on the delayed customers, or improve margin to see more price improvement in shares. Notably, the analyst said that this will most likely not happen in 2017. BACKGROUND: The company describes itself as a leading provider of RAIN RFID solutions. RAIN RFID is a wireless technology that connects billions of everyday items to the internet, enabling businesses and consumers to identify, locate, authenticate, and engage each item. The Impinj platform is made up of both hardware and software and uses RAIN RFID to wirelessly connect everyday items to the internet, delivering digital life to the physical world. IMPINJ AND AMAZON: Impinj shares saw a boost beginning in late 2016 after online retail behemoth Amazon (AMZN) announced a new store concept Amazon Go. Amazon said at the time that it's "a new kind of store with no check-out required... In fact, RAIN RFID can improve inventory visibility by more than 25%." AUGUST BREAKDOWN: The first couple of weeks of August saw an almost 40% decimation of share price for Impinj after the company cut its 2017 order volume guidance, citing customer delays. With its Q2 financial report, the company gave tepid guidance for Q3 and a less robust product view for the year. Founder and CEO Chris Diorio noted that the company will be adversely impacted by setbacks "in planned roll out expansions at several large end customers." The slowdown will result in fewer items being tagged with the company's tracking chips. "We are revising our 2017 full-year endpoint IC estimated to be between 7B to 7.2Bunits," said Diorio in a statement. LATE AUGUST RECOVERY: On the evening of August 23, the Federal Trade Commission approved Amazon's acquisition of Whole Foods Market (WFM), which was announced two months before. Shares of Impinj closed up almost 11% the next day and have tagged on another 15% since then. PRICE ACTION: Shares of Impinj are up almost 5% to $41.00 in early afternoon trading.

PI

Impinj

$39.14

1.51 (4.01%)

AMZN

Amazon.com

$950.87

12.27 (1.31%)

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PI Impinj
$39.14

1.51 (4.01%)

09/28/17
RBCM
09/28/17
NO CHANGE
RBCM
Impinj new product positive, says RBC Capital
After Impinj announced a new Monza R6-A tag which is specifically designed for the European retail market, RBC Capital analyst Mitch Steves says it "offers improved privacy," has a lower carbon footprint, and will consequently help the company gain new retail customers in Europe. .He keeps an Outperform rating on the stock.
08/23/17
KEYB
08/23/17
NO CHANGE
KEYB
Sector Weight
Much uncertainty remains around Impinj pushouts, says KeyBanc
KeyBanc analyst Brad Erickson says that given the potential number of customers materially impacted by Impinj's (PI) 2H outlook, he continues to lack clarity on what drove the simultaneous delays across several tag IC end users. Nonetheless, the analyst still believes RFID adoption is rising, which keeps his general long-term thesis intact. Based on his conversation with Amazon's (AMZN) principal engineer at the RAIN RFID Alliance in Seattle, the Amazon bull case of tens of billions of units could be in play longer-term. With that said, he is equally as convinced that Amazon may not be a massive buyer of tag ICs for the foreseeable future. He reiterates a Sector Weight rating on Impinj's shares.
08/23/17
DOTC
08/23/17
INITIATION
Target $62
DOTC
Buy
Impinj initiated with a Buy at Dougherty
Dougherty started Impinj with a Buy rating and $62 price target.
08/04/17
ADAM
08/04/17
NO CHANGE
Target $50
ADAM
Buy
Impinj price target lowered to $50 from $57 at Canaccord
Canaccord analyst T. Michael Walkley lowered his price target on Impinj to $50 from $57 following Q2 results and lowered guidance. The analyst noted delayed rollouts with a handful of customers in different verticals, including retail and healthcare, and said a single customer could represent several million endpoint IC's. Management maintained its long-term guidance and Walkley expects re-accelerating revenue growth in 2018 and beyond. As a results, Walkley maintained his Buy rating on Impinj shares.
AMZN Amazon.com
$950.87

12.27 (1.31%)

09/28/17
JMPS
09/28/17
NO CHANGE
Target $1125
JMPS
Outperform
JMP says Amazon new products significantly expand connected home presence
JMP Securities analyst Ronald Josey said Amazon significantly expanded its connected home presence with its announcement of new Alexa products yesterday, including the new Echo Plus, Echo Spot and lower-cost revamped Echo. The analyst, who was impressed with the expanded capabilities of the products, noted the second generation Echoes are now 44% cheaper, which he believes should lead to greater adoption. Josey keeps an Outperform rating and $1,125 price target on Amazon shares.
09/28/17
MSCO
09/28/17
NO CHANGE
MSCO
Equal Weight
Morgan Stanley says Perrigo opportunity at Amazon 'more hype' than sales driver
Morgan Stanley analyst David Risinger believes online sales are unlikely to drive higher net revenue for Perrigo (PRGO) in the U.S. because such purchases will likely cannibalize existing sales via traditional brick and mortar retailers. Amazon (AMZN) currently sells Perrigo's GoodSense low-cost brand and Risinger sees it as possible that Amazon eventually develops its own brand and sources private label products from Perrigo and others, but this would also likely cannibalize GoodSense, he tells investors. The analyst, who noted "this is not a negative stock call," keeps an Equal Weight rating on Perrigo.
09/28/17
BERN
09/28/17
NO CHANGE
BERN
Amazon will enter retail pharmacy industry, says Bernstein
Bernstein analyst Lance Wilkes thinks Amazon will enter the retail pharmacy industry, especially because it is a large and disruptable market. The analyst believes Amazon is well positioned to address/impact the major customer issues in this market, and expects it will need to partner with or acquire a PBM to drive volume growth. Wilkes is also increasingly concerned that Amazon's entry will negatively impact PBM earnings levers.
09/27/17
WBLR
09/27/17
NO CHANGE
WBLR
Outperform
Kornit Digital long-term opportunity remains unchanged, says William Blair
William Blair analyst Brian Drab believes Kornit Digital's (KRNT) shortfall in Q3 is a function of timing and that the company's fundamental long-term opportunity remains unchanged. The valuation multiple in the near term, however, will be "tempered given volatility associated with customer concentration," Drab tells investors in a research note. The analyst thinks Amazon (AMZN) is the customer experiencing the permitting issue, which he notes management expects to be resolved in the next few months. He keeps an Outperform rating on the shares.

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Philip Morris sees Q1 EPS about 87c, including 3c of favorable currency 

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