BTIG analyst Ryan Zimmerman downgraded Penumbra (PEN) to Neutral from Buy and removed the firm’s prior $349 price target after the announcement that Boston Scientific (BSX) agreed to acquire the company for $374 per share. There were “very few companies in our view that BSX could acquire that could benefit it to the extent that PEN does from both a top- and bottom-line perspective,” says the analyst, adding that the firm believes the price paid is good for Penumbra shareholders.
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