Penumbra price target raised to $284 from $255 at Truist

Truist analyst David Rescott raised the firm’s price target on Penumbra to $284 from $255 and keeps a Buy rating on the shares as part of a broader research note previewing Q4 earnings in MedTech. The company is one of the few profitable, double-digit top-line growers in MedTech with revenue growth acceleration prospects in FY23 and the potential to deliver mid-teens revenue growth in 2024, the analyst tells investors in a research note. Truist adds that expectations for FY23 and FY24 should move higher throughout the year as new product launches FLASH & BOLT drive upside to revenue outlook and on potential revenue acceleration in U.S. neurothrombectomy as the launch of THUNDERBOLT becomes more appreciated.