Investment bank Piper Sandler has lowered its target price for Impinj Inc (NASDAQ:PI) to $180.00 from $230.00, while keeping an Overweight rating on the company. The firm’s adjustment arrives against a backdrop in which Impinj shares were trading at $119.42, down from a previous close of $152.22.
Piper Sandler said the revision followed the company’s mixed financial results. Impinj met estimates for the December 2025 quarter but notably missed guidance for the March 2026 quarter. The research team attributed the guidance miss in part to an inventory excess at one of Impinj’s logistics customers.
The analyst note describes the inventory situation as "likely two weeks of inventory excess" at the second logistics customer. Impinj is developing and shipping a custom chip for that customer, and Piper Sandler said adoption of that custom device is expected to continue through most of 2026. The firm emphasized that the custom chip ramp will need to generate demand sufficient to deplete the customer’s stock of the older M800 chip.
Alongside the logistics-related inventory issue, Piper Sandler observed product mix trends in the customer base. The research firm reported soft trends in apparel and modest trends in food segments.
Company management has signaled a commitment to addressing the inventory imbalance in the first quarter of 2026. Piper Sandler built its new $180 price objective using a 16.5x multiple on calendar-year 2026 estimated price-to-sales and an estimated CY26 revenue base of $354 million. That multiple is down from the prior 17.5x multiple, reflecting lower estimates.
Impinj’s most recent reported results for the fourth quarter of 2025 showed earnings per share of $0.50, in line with analysts’ expectations, and revenue of $92.8 million, slightly ahead of the $91.82 million consensus figure.
Market reaction among other brokerages has been mixed. Evercore ISI downgraded Impinj from Outperform to In Line and cut its price target dramatically to $112 from $273, citing growth concerns after the company’s March 2026 quarter outlook. According to Evercore ISI’s note referenced by market reports, that outlook projected revenues roughly 20% below Street expectations.
Cantor Fitzgerald also reduced its valuation on Impinj, trimming its price target to $170 from $246 while maintaining an Overweight stance. Cantor Fitzgerald pointed to the company’s first-quarter guidance, which the firm said fell short of analyst and consensus expectations.
Taken together, the analyst moves underscore differing interpretations across the sell side about how transitory the logistics-customer inventory issue will be and how quickly the custom-chip ramp will translate into replacement demand for older M800 inventory. Impinj’s reported gross profit margin remains healthy on the reported figures and its liquid assets were said to exceed short-term obligations at the time of the reports.
Context and next steps
Management has indicated it will work through the inventory excess during the first quarter of 2026. Analysts and investors will be watching subsequent updates on customer uptake of the custom chip and whether depletion of M800 inventories proceeds on the timetable implied by company commentary.