UPDATE: BMO Capital Starts Penumbra (PEN) at Outperform
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(Updated - October 17, 2016 9:05 AM EDT)
BMO Capital initiated coverage on Penumbra (NYSE: PEN) with an Outperform rating and a price target of $86. Analyst Joanne K. Wuensch highlighted double-digit growth.
"Although it's a recent IPO, the company has an established revenue base, delivering $186mm in 2015 (up 53.5% ex-fx y/y), including $141mm (up 39.2% ex-fx) of Neurovascular and $45mm (up 134.9% ex-fx) of Peripheral Vascular product sales. It is also already a global company, generating 30% of revenue from outside the U.S. Given its differentiated technology, double-digit revenue growth, and path to sustainable profitability, we believe that Penumbra is positioned to deliver results," said Wuensch.
Shares of Penumbra closed at $70.93 yesterday.
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