Penumbra price target raised to $200 from $178 at Citi

Citi raised the firm’s price target on Penumbra to $200 from $178 and keeps a Neutral rating on the shares. The analyst calls Q2 “another wild ride” for the medical technology sector. The earnings prints brought “several eye-opening and frankly shocking deliveries, changes to guidance, and stock price reactions,” the analyst tells investors in a research note. Citi expects an “interesting” September broker season, and looks for updated management commentary on patient volumes, capital equipment, and China. It reiterated its top picks of Boston Scientific (BSX), GE HealthCare (GEHC), and Insulet (PODD), looking for acceleration moving through the remainder of 2024 and into 2025.