Penumbra price target lowered to $232 from $265 at BTIG

BTIG analyst Ryan Zimmerman lowered the firm’s price target on Penumbra to $232 from $265 and keeps a Buy rating on the shares as part of a broader research note previewing Q2 results in the MedTech sector. The group struggled to sustain its Q1 momentum in Q2 as the sector underperfored the S&P, though moving forward, investors that can embrace the volatility will be rewarded as the sector can outperform in an easing interest rate environment, the analyst tells investors in a research note. BTIG adds that it sees pockets of outperformance, notably in Robotics and Ophthalmology, which carry names that are consensus favorites and have been throughout most of the year.