- RBC Capital Markets initiated coverage on Penumbra Inc (NYSE:PEN) with an Outperform rating and a price target of $195 (59% implied upside).
- The analysts write that Penumbra is a medical device company operating in attractive, high-growth, under-penetrated neuro and vascular end markets.
- RBC writes that PEN is investing to position itself for continued growth, but the company is profitable with a clear pathway for expanding margins.
- Related: Despite Seeing Accelerated 2023 Growth, This Analyst Cut Penumbra’s Price Target – Here’s Why.
- RBC believes Penumbra is attractively positioned to be an innovator and leader in ischemic stroke. The company operates in an $8.2 billion global addressable market for ischemic stroke, including $800 million in the U.S.
- “It holds a leading market share position in the aspiration segment of the U.S. ischemic stroke market where it is poised to be a leader driven by its robust portfolio (e.g., RED series and THUNDERBOLT) despite a dynamic competitive landscape,” the analysts note.
- There is a significant opportunity outside the U.S. PEN’s neuro franchise (~40% sale mix) is expected to deliver a 3-year sales CAGR in the high-single digits, RBC writes.
- Price Action: PEN shares are down 0.59% at $121.78 during the market session on the last check Monday.
Popular Science Teams Up With hOmeLabs To Launch Co-Branded Air Purifier; No Terms Disclosed
NEW YORK, Aug. 18, 2022 (GLOBE NEWSWIRE) -- Popular Science and hOmeLabs are proud to announce the launch of their newly co-branded air purifier. This is the first co-branded product from the partnership between Recurrent and Aterian, which was announced in December 2021.
