Needham upgraded Penumbra Inc. (NYSE: PEN) from Hold to Buy and set a price target of $326.00. Shares rose more than 3% intra-day on Wednesday following the call.
The firm said it expected Penumbra’s revenue growth to accelerate meaningfully in 2026, supported by four key drivers: the upcoming Thunderbolt product launch, positive results from the STORM-PE clinical trial, an easing of regulatory headwinds in China, and the rollout of Ruby XL.
Needham highlighted that Thunderbolt could nearly double Penumbra’s revenue per stroke procedure, fueling stronger growth in neurothrombectomy and boosting gross margins. Analysts also anticipated that improving operating leverage would drive upside to consensus earnings estimates for 2026.
The firm added that a combination of higher sales forecasts and multiple expansion—driven by accelerating top-line growth—should support continued appreciation in Penumbra’s share price.
