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Investing.com - Piper Sandler has reiterated its Overweight rating and $595.00 price target on Intuitive Surgical (NASDAQ:ISRG), the $168.5 billion medical robotics giant currently trading at $469.88. The rating aligns with the broader Wall Street consensus of 1.94 (Buy), with analyst targets ranging from $350 to $685, following a management meeting as part of the firm’s annual West Coast Bus Trip.
The research firm met with Intuitive Surgical’s Executive Vice President and CFO Jamie Samath and Vice President and Head of Investor Relations Dan Connally on Thursday, according to a research note published Friday.
Piper Sandler noted that Intuitive Surgical shares underperformed on Thursday, declining 2.2% compared to a 1.1% drop for the iShares U.S. Medical (TASE:BLWV) Devices ETF (IHI), but indicated it found little justification for this relative weakness.
The firm maintained its positive outlook on the surgical robotics company, citing "ample upside to models, particularly on the procedure side of things," which it believes positions Intuitive Surgical to exceed financial expectations going forward.
Piper Sandler expects these factors to help Intuitive Surgical maintain what it describes as a "best-in-class financial profile" as the company continues its growth trajectory in the medical technology sector.
In other recent news, Intuitive Surgical has reported strong financial performance in its latest quarter, with revenue reaching $2.44 billion, marking a 21% year-over-year growth and surpassing consensus estimates by 4%. Earnings per share came in at $2.19, a 23% increase from the previous year, exceeding expectations by over 13%. This robust performance has prompted RBC Capital to raise its price target to $615, maintaining an Outperform rating. Similarly, Bernstein SocGen Group increased its target to $685, also maintaining an Outperform rating, as the company’s da Vinci (EPA:SGEF) 5 surgical system enters its broad launch phase. However, Erste Group downgraded Intuitive Surgical from Buy to Hold, citing concerns about valuation and margin pressure. Despite this, Stifel reiterated a Buy rating with a $670 price target, highlighting the successful launch of the DV5 robotic system under the new CEO, Dave Rosa. Raymond (NSE:RYMD) James also maintained its Outperform rating with a $592 price target, acknowledging the company’s strong quarterly results. These developments indicate a mixed but generally positive outlook from analysts on Intuitive Surgical’s future performance.
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