Penumbra price target raised to $300 from $235 at Needham

Needham analyst Mike Matson raised the firm’s price target on Penumbra to $300 from $235 and keeps a Buy rating on the shares after its Q4 results and guidance. Growth in the Vascular business and Neuro business slowed, but the company’s management remains bullish about its upcoming new products, the analyst tells investors in a research note. Needham adds that it expects growth in both the Vascular and Neuro businesses to improve in 2023 due to a number of new products, including the RED catheters and the Lightning Flash.