BofA analyst Travis Steed initiated coverage of Penumbra (PEN) with a Buy rating and $320 price target. Penumbra is a “leading maker” of medical devices that remove clots mechanically with aspiration and “the last standalone PE/DVT company at scale in a consolidating market,” the analyst tells investors. Penumbra now has 35% share and the firm sees share moving higher in 2025 as Flash 2.0 rolls out more broadly and the company takes advantage of any potential sales force disruption that occurs at its competitor Inari after it was acquired by Stryker (SYK), the analyst added.
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