Penumbra initiated with a Buy at Stifel

Stifel initiated coverage of Penumbra with a Buy rating and $238 price target. Penumbra should benefit from expanding Mechanical Thrombectomy penetration, its innovation should be rewarded by physicians, the market and share dynamics should drive multiple expansion and the company’s “already cash-flow positive model, outsized growth, and margin profile are all significant points-of-differentiation,” the analyst tells investors.