Penumbra price target lowered to $320 from $390 at Citi

Citi lowered the firm’s price target on Penumbra to $320 from $390 and keeps a Buy rating on the shares. In a note previewing the Q3 earnings reports, the analyst says that in a short three months, medical technical investing has moved from excitement over recovering procedures and an improving macro environment to fear about the potential impact of GLP-1s and anti-corruption policies in China. When concerns over currency moves and the consumer are added, “it is a recipe for a tough stock environment…but this is where the opportunities can be had,” the analyst tells investors in a research note. Citi’s top picks are Boston Scientific (BSX), DexCom (DXCM) and Stryker (SYK).