RBC Capital raised the firm’s price target on Penumbra to $289 from $280 and keeps an Outperform rating on the shares as part of a broader research note previewing MedTech for 2024. The company’s revenue growth continuously accelerated in each of the three-quarters of FY23, primarily driven by productivity improvement and new launches, the analyst tells investors in a research note. Penumbra is among the few companies in medical devices with an ongoing product cycle that will continue to make an impact in 2024, RBC added.
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