Penumbra price target lowered to $265 from $300 at Citi

Citi lowered the firm’s price target on Penumbra to $265 from $300 and keeps a Buy rating on the shares as part of a Q2 earnings preview for the U.S. medical technology space. While Citi anticipates that investors will “continue to lean into quality names that have consistently beat and raised,” with the significant reset in valuations across the group there is “opportunity across the cap stack,” the analyst tells investors in a research note.