The Fly

Penumbra price target raised to $240 from $204 at BTIG

BTIG analyst Ryan Zimmerman raised the firm’s price target on Penumbra to $240 from $204 and keeps a Buy rating on the shares as part of a broader research note on Medical Technology. 2023 is set to be a better year for the industry following 2022 underperformance due to rising oil prices, a challenging supply chain, currency headwinds, inflation, and staffing shortages, the analyst tells investors in a research note. Lower oil prices, improving inflation, strong employment, and improving procedure recovery form the basis for his better outlook in MedTech in 2023, Zimmerman adds.

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