Piper Sandler Raises $PI PT to $230 from $180 - OW Analyst comments: "Walmart brings a positive catalyst for PI’s food segment. Avery Dennison (AVY, not covered) reported its Q3 earnings this morning. We monitor AVY as one of the key intelligent label suppliers and channel partners for Impinj. On the earnings call, AVY management highlighted details of its recently announced partnership with Walmart, where AVY will utilize its RFID technology to label food products including meat, bakery, and deli items. We view this as an extremely positive development for overall RFID intelligent label adoption and expect PI to be a key beneficiary. Walmart has already had two successful phases with PI, so we are confident that PI will likely be involved in this next stage of implementation. The initial ramp is expected to start in 4Q2025 and continue for the next two years into 2027. Overall, we expect the AVY and Walmart partnership to significantly boost RFID adoption across the food industry, and we remain very bullish into next week’s PI print." Analyst: Harsh Kumar