Penumbra price target lowered to $308 from $351 at BTIG

BTIG analyst Ryan Zimmerman lowered the firm’s price target on Penumbra to $308 from $351 and keeps a Buy rating on the shares. The company’s guidance raise reflected the beat coupled with commentary on Q3-Q4 pacing dynamics that put much of the burden on Q4 to meet guidance for FY23, the analyst tells investors in a research note. BTIG remains positive that Penumbra products can achieve meaningful share gains in their respective markets, but it’s taking longer, forcing many to reset their expectations and assume a lower multiple, the firm adds.