Penumbra, the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Travis Steed from Bank of America Securities maintained a Buy rating on the stock and has a $320.00 price target.
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Travis Steed has given his Buy rating due to a combination of factors that highlight Penumbra’s promising growth prospects. The recent investor meeting with Penumbra’s management, including key figures like CEO Adam Elsesser, left a positive impression regarding the company’s growth outlook across its diverse portfolio, including areas such as PE, DVT, Stroke, and embolization. This optimism is further supported by the strong momentum following the STORM-PE data, which has generated interest from users of competitive products and led to protocol updates in hospitals, indicating a growing market potential.
Additionally, the introduction of Flash 3.0, which significantly reduces procedure time, is expected to drive further adoption of Penumbra’s products. The technological advancements in Flash 3.0, along with the potential for a combined solution with Lightning Bolt 16, enhance the attractiveness of Penumbra’s offerings. Despite the longer review process for the new Thunderbolt product, Penumbra is confident in its ability to convince doctors of its benefits, suggesting a robust pipeline that supports the Buy rating.
According to TipRanks, Steed is a 4-star analyst with an average return of 7.2% and a 63.20% success rate. Steed covers the Healthcare sector, focusing on stocks such as Boston Scientific, Medtronic, and Penumbra.