Penumbra gains on upbeat Q1 revenue, PT raises

Penumbra

03/05/2023 18:56

** Shares of medical device maker Penumbra Inc  PEN.N  rise
6.5% to almost a two-year high of $299.59
    ** Company late on Tuesday reported Q1 revenue of $241.40
mln vs analysts' avg. est. of $229.73 mln - Refinitiv
    ** PEN sees 2023 total revenue to be between $1.04 bln and
$1.06 bln; company had earlier projected total revenue for 2023
to be $1 bln or more
    ** Brokerage Deutsche Bank raises PT on stock to $325 from
$297, says commentary made very clear that initial adoption
trends of the thrombectomy systems—catheters to remove clots—are
proving to be quite robust
   ** Several other brokerages also raise PTs
    
 Brokerage   Prior PT    New PT
 J.P.        $285        $310
 Morgan                  
 Piper       $285        $300
 Sandler                 
 BTIG        $301        $312
 RBC         $289        $303
 Canaccord   $286        $308
 Genuity                 
 Jefferies   $300        $315
 
   ** Strong initial uptake of thrombectomy systems ramps up
potential approval of one of its such devices, thunder bolt,
later this year - J.P.Morgan
  ** Stock up ~33% YTD

 (Reporting by Sriparna Roy in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com;))