Penumbra price target raised to $225 from $200 at Piper Sandler

Piper Sandler analyst Matt O’Brien raised the firm’s price target on Penumbra (PEN) to $225 from $200 and keeps an Overweight rating on the shares. The firm says investors are focused on Penumbra’s recently FDA cleared catheter for arterial clots below-the-knee. Piper estimates below-the-knee is a large $1.1B opportunity with “plenty of room left for continued penetration.” From a technology perspective, Penumbra’s Lightning system is the most thorough and the company will maintain its leadership position here in the coming years, the analyst tells investors in a research note.