Penumbra price target raised to $235 from $200 at Truist

Truist analyst Richard Newitter raised the firm’s price target on Penumbra to $235 from $200 and keeps a Buy rating on the shares as part of a broader research note previewing Q3 results for the MedTech sector. While the firm believes that any hurricane related headwind call-outs for Q4 will generally get “a pass” from investors, it could cause companies with elective or deferrable procedure areas to see more muted guide increases, the analyst tells investors in a research note. For the stock, Truist contends that given Penumbra’s mid-teens long-term revenue growth profile with inflecting profit margin and leadership position in growing neuro/venous/peripheral thrombectomy end-markets, an in-line or higher multiple is warranted.