Penumbra initiated with an Equal Weight at Morgan Stanley

Morgan Stanley initiated coverage of Penumbra with an Equal Weight rating and $265 price target. Penumbra, as a “leading manufacturer” of medical devices to treat both vascular and neurovascular conditions, looks poised to expand its presence across both markets in the mid-term via “heavily anticipated” product launches, the analyst tells investors. The firm thinks near-term Street estimates “look sensible” and cites valuation for its Equal Weight rating.