Penumbra price target raised to $285 from $254 at JPMorgan

JPMorgan analyst Robbie Marcus raised the firm’s price target on Penumbra to $285 from $254 and keeps an Overweight rating on the shares. Vascular surgeons surveyed by JPMorgan were all optimistic that Lightning Flash should expand the market and help convert more doctors to use mechanical thrombectomy in deep vein thrombosis pulmonary embolism cases given its "excellent" thrombus removal ability versus how easy and intuitive it is to use, the analyst tells investors in a research note. The firm believes Lightning Flash should drive share shift in favor of Penumbra away from other products. It is now "very confident" in the Penumbra 2023 consensus sales of $1.0B, and sees a likely pathway towards upside. The analyst remains bullish on the company’s outlook at current share levels.