Baird lowered the firm’s price target on Penumbra to $180 from $231 and keeps an Outperform rating on the shares. The firm said they were surprised by the magnitude of 2024 revenue/US thrombectomy change and while their numbers are moving lower, they think threcalibrated estimates set an achievable bar and importantly, reiterated GM/OM expansion FY24 outlook was a brightspot.
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