Penumbra price target lowered to $230 from $280 at Truist

Truist lowered the firm’s price target on Penumbra to $230 from $280 and keeps a Buy rating on the shares as part of a broader research note previewing Q2 results in the MedTech sector. Across the market cap, there continues to be crowding in the strongest growth stories with a widening performance and valuation gap between “haves” and “have nots”, but while this could create some profit-taking, dips in these names will get bought if fundamentals are moving in the right direction, the analyst tells investors in a research note. For Penumbra, Truist sees a balanced-to- unfavorable risk-reward into the Q2 print with the caveat of a rising short-interest into the quarter but also notes that its inflecting profit profile should continue to keep longer-term oriented investors interested in the name amid durable mid-teens revenue growth prospects, the firm added.