Penumbra downgraded to Hold from Buy at Jefferies

Jefferies downgraded Penumbra (PEN) to Hold from Buy with a price target of $374, up from $335, following the announcement of a deal to be acquired by Boston Scientific (BSX). The firm views the price as “healthy” and thinks the deal makes strategic sense, adding that it does not expect another bidder and does expect the deal to ultimately close, but after “some regulatory scrutiny.”