Penumbra price target raised to $232 from $222 at RBC Capital

RBC Capital raised the firm’s price target on Penumbra (PEN) to $232 from $222 and keeps an Outperform rating on the shares after its Q3 earnings beat. The company completed enrollment of its THUNDER trial in Q3 and gained FDA clearance of two new CAVT products – Lightning Bolt 6X and 12 – and looking ahead, RBC sees innovation in a highly under-penetrated market to drive Penumbra’s double-digit revenue growth profile while driving meaningful margin expansion, the analyst tells investors in a research note.