Penumbra is a 'Strong' Strategic fit for Boston Scientific, RBC Says

MT Newswires Live05-08

Penumbra (PEN) is a "strong" strategic and financial fit for Boston Scientific (BSX), which expects the deal to be accretive to its profitable growth profile, RBC Capital Markets said in Wednesday research report.

Penumbra delivered an upside revenue surprise in Q1 driven by outperformance in embolization and access segments, while thrombectomy sales lagged, analysts wrote.

Q1 sales were primarily attributable to higher sales volume in the US due to further market penetration of products while price remained stable, according to the note.

The brokerage said it reiterated its sector perform rating on the stock and price target of $374 per share, pending the deal close in H2.

Price: 324.81, Change: +0.62, Percent Change: +0.19

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