Penumbra price target raised to $234 from $224 at BTIG

BTIG raised the firm’s price target on Penumbra to $234 from $224 and keeps a Buy rating on the shares as part of a broader research note previewing Q3 results in MedTech. The sector had “solid returns” as Providers outperformed among healthcare sub-sectors at 10.5% for iShares U.S. Healthcare Providers ETF (IHF), and these results track largely in line with fundamental feedback during Q3 as procedure volumes have been healthy and demand is strong, the analyst tells investors in a research note. Channel checks in many sub-sectors also point to sustained procedure demand continuing into 2025 as demographics and low unemployment provide support, the firm added.