PEN - Penumbra upgraded at Citi given upcoming vascular device launches
- Cit has upgraded Penumbra ( NYSE: PEN ) to buy from neutral citing management expectations that it can achieve $1B in revenue in 2023 with the launches of the Thunderbolt, Lightning Bolt, and Lightning Flash devices.
- However, the firm lowered its price target to $212 from $217 (~40% upside based on Thursday's close).
- Analyst Joanne Wuensch said that while Thunderbolt is expected to launch in H2 2023, only modest revenues from it are included in 2023 estimates.
- In its recent Q3 2022 result s, Wuensch noted that vascular revenue grew nearly 19% year over year.
- She added that given the stock's pullback, now is a good time to buy shares.
- Read why Seeking Alpha contributor Peter F. Way is bullish on Penumbra ( PEN ).
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Penumbra upgraded at Citi given upcoming vascular device launches