Penumbra (PEN) PT Raised to $330 at UBS

UBS analyst Priya Sachdeva raised the price target on Penumbra (NYSE: PEN) to $330.00 (from $320.00) while maintaining a Buy rating.

The analyst commented, "PEN delivered another solid top and bottom-line beat with sales and EPS of $324.1M (+16.3% y/y) and $0.83 (+102.8% y/y) delivering +2.7%/24.4% upside to Street estimates. The quarterly outperformance was driven primarily by PEN's US Thrombectomy business with sales of $187.9M (+25.0%) offsetting international weakness. Notably, and likely the most key focus for investors is the company's decision to exclude China revenues offset by increased US thrombectomy expectations in the now reiterated top-line guidance of +12-14% -- implying $1.34B-$1.36B in revenues (vs. cons. at $1.352B). While this could be a dynamic investors nitpick, we see China exposure as immaterial to PEN's top-line growth potential supported by our confidence n not only US thrombectomy momentum, but a slew of potential upside drivers in 2025. Ultimately, we continue to have high conviction in PEN and reiterate our Buy rating with (1) clear line of sight into both double-digit top and bottom-line growth; (2) penetration runway in the massive US VTE market where the company continues to capture market share, and (3) relatively low tariff exposure with 100% US based manufacturing and ~75% of raw materials also sourced in the US."

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