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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.
Canaccord analyst William Plovanic raised the firm's price target on Penumbra to $286 from $246 and keeps a Buy rating on the shares. The analyst said management remains very confident in its newest launches, Lightning Flash (for venous - PE, DVT) and Lightning Bolt (for arterial), citing positive physician feedback and stating that Flash to date is the most successful launch in the company's history.
Deutsche Bank analyst Pito Chickering raised the firm's price target on Penumbra to $297 from $250 and keeps a Buy rating on the shares. The firm sees Q4 revenue slightly above guidance to $220M, driven by strong peripheral revenue growth, despite transferring Lightning Flash revenues into Q1, the analyst tells investors in a research note.
JPMorgan analyst Robbie Marcus raised the firm's price target on Penumbra to $285 from $254 and keeps an Overweight rating on the shares. Vascular surgeons surveyed by JPMorgan were all optimistic that Lightning Flash should expand the market and help convert more doctors to use mechanical thrombectomy in deep vein thrombosis pulmonary embolism cases given its "excellent" thrombus removal ability versus how easy and intuitive it is to use, the analyst tells investors in a research note. The firm believes Lightning Flash should drive share shift in favor of Penumbra away from other products. It is now "very confident" in the Penumbra 2023 consensus sales of $1.0B, and sees a likely pathway towards upside. The analyst remains bullish on the company's outlook at current share levels.
Truist analyst David Rescott raised the firm's price target on Penumbra to $284 from $255 and keeps a Buy rating on the shares as part of a broader research note previewing Q4 earnings in MedTech. The company is one of the few profitable, double-digit top-line growers in MedTech with revenue growth acceleration prospects in FY23 and the potential to deliver mid-teens revenue growth in 2024, the analyst tells investors in a research note. Truist adds that expectations for FY23 and FY24 should move higher throughout the year as new product launches FLASH & BOLT drive upside to revenue outlook and on potential revenue acceleration in U.S. neurothrombectomy as the launch of THUNDERBOLT becomes more appreciated.
BTIG analyst Ryan Zimmerman raised the firm's price target on Penumbra PEN) to $270 from $240 and keeps a Buy rating on the shares. Commentary from a key opinion leader Dr. Meisinger - a board-certified interventional radiologist and the Director of the Independent and Interventional Radiology Residencies at the UC San Diego Department of Radiology - indicated that he expects to switch nearly 100% of his share to the company's Lightning Flash in DVT cases while usage in PE will be more balanced between both Penumbra and Inari Medical (NARI), the analyst tells investors in a research note. BTIG further states that Dr. Meisinger had a difficult time getting access to Lightning Flash catheters initially due to inventory shortage.
Piper Sandler analyst Matt O'Brien initiated coverage of Penumbra with an Overweight rating and $275 price target. The company's "innovative" Lightning and Thunderbolt technologies for blood clot removal from the peripheral and neurovasculature address an $8.2B market opportunity just in the U.S., the analyst tells investors in a research note. Piper sees "significant room" for increased penetration in the end markets, setting up Penumbra for strong growth going forward.
