Penumbra price target raised to $300 from $285 at Piper Sandler

Piper Sandler analyst Matt O’Brien raised the firm’s price target on Penumbra to $300 from $285 and keeps an Overweight rating on the shares following the Q1 beat. The launch of company’s VTE thrombectomy product in the U.S. drove strong momentum in the vascular business, leading to updated revenue guidance that was well above consensus levels, the analyst tells investors in a research note. The firm believes Penumbra’s improving profitability will further bolster the shares.