Why Impinj Shares Jumped 13% Wednesday Morning
Shares of Impinj (NASDAQ: PI) rose as much as 13.2% on Wednesday morning due to a rosy analyst report. The maker of radio frequency identification (RFID) tags and related systems backed down to a milder 11% gain at 1 p.m. EST.
Brokerage firm Dougherty & Co. reiterated its buy rating on Impinj shares this morning, along with a price target of $38 per share. Analyst Charles Anderson cited emerging evidence that Walmart (NYSE: WMT) is stepping up its RFID ambitions in 2020. Anderson's research shows that Walmart will roll out RFID tags on apparel this year, keeping track of each piece of clothing as it moves through the store's supply, inventory, and checkout processes.
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Source Fool.com
