Penumbra price target raised by $25 at Truist, here’s why

Truist raised the firm’s price target on Penumbra to $265 from $240 and keeps a Buy rating on the shares. The firm views Penumbra as a rare, profitable, $1B, double digit revenue grower in MedTech with sustained 20%+ revenue growth prospects in 2024-2025 with inflecting profitability, the analyst tells investors in a research note. The company can deliver 20%+ growth next year regardless of whether the midpoint of the 2024 guide starts off a touch below this level, Truist contends.