Penumbra cut to Hold at Needham on valuation

As previously reported, Needham downgraded Penumbra to Hold from Buy with no price target. The firm is optimistic about the company’s intelligent aspiration product cycle, the bull case on the stock has been "mostly priced in", the analyst tells investors in a research note. Needham further states that while its physician checks on Lightning Flash have been positive, they have not been indicative of major share gains. Approaching the firm’s former price target of $300, Penumbra stock looks "fairly valued", Needham states.