Baird Starts Penumbra (PEN) at Outperform

Baird analyst David Rescott initiates coverage on Penumbra (NYSE: PEN) with a Outperform rating and a price target of $375.00.

The analyst comments "Initiating Outperform and $375 price target on Penumbra, a leading innovator in the multi-$B WW neuro/vascular mechanical thrombectomy (MT) market. PEN is entering a multi-year period of multiple differentiated product cycles that we see meaningfully accelerating top-line growth. An increasing shift toward margin accretive MT products and improving productivity (rev $/acct) should drive an inflecting profit profile (early innings). PEN is one of the few profitable, DD ~$1B top-line growth MedTech companies, and we think a premium multiple is warranted given our high conviction in rev/profit upside over next 2-3 years."

For an analyst ratings summary and ratings history on Penumbra click here. For more ratings news on Penumbra click here.

Shares of Penumbra closed at $313.49 yesterday.

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