PEN - Penumbra upgraded at Needham citing growth acceleration ahead
- Needham raised its recommendation on Penumbra, Inc. ( NYSE: PEN ) on Friday to Buy from Hold, citing a faster growth trajectory for the California-based medical device maker based on management remarks.
- The analysts led by Mike Matson point to PEN’s management as noting at a recent conference that the company expects more robust growth in Q3 2022 amid improvements to hospital staffing and market share gains or a combination of both.
- Arguing that the U.S. launch of PEN’s RED catheters in H2 2021 supported a double-digit growth in the stroke business, the analysts expect the same in the overseas markets as early as Q4 2022.
- For 2024, Matson and the team expect upcoming intelligent aspiration launches to drive growth acceleration and highlight the potential of PEN’s REAL System for healthcare virtual reality “to become a meaningful business” in the future.
- Needham sets a $244 per share target for the stock, which stands ~26% higher than the current average price target for PEN on Wall Street.
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Penumbra upgraded at Needham citing growth acceleration ahead