Penumbra price target lowered to $290 from $310 at Piper Sandler

Piper Sandler analyst Matt O’Brien lowered the firm’s price target on Penumbra to $290 from $310 and keeps an Overweight rating on the shares. Penumbra reported Q4 results that missed on the top-line but beat on the bottom-line, with the neuro business primarily responsible for the modest quarterly shortfall, the analyst tells investors in a research note. Penumbra’s profitability improved nicely in Q4 and the outlook is positive, which should also drive further value creation going forward, Piper says.