JP Morgan Downgrades Penumbra to Neutral, Lowers Price Target to $250
Portfolio Pulse from Benzinga Newsdesk
JP Morgan analyst Robbie Marcus downgrades Penumbra (NYSE:PEN) from Overweight to Neutral and lowers the price target from $284 to $250, indicating a more cautious outlook on the company's stock.
February 23, 2024 | 11:17 am
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Penumbra's stock rating was downgraded by JP Morgan from Overweight to Neutral, and its price target was reduced from $284 to $250.
The downgrade from Overweight to Neutral by a major financial institution like JP Morgan suggests a significant shift in the bank's outlook on Penumbra's stock, likely due to concerns about the company's future performance or market conditions. Lowering the price target further indicates a reduced confidence in the stock's growth potential in the near term, which could lead to a negative impact on investor sentiment and potentially the stock price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100