Deutsche Bank Reaffirms Positive Outlook on Intuitive Surgical (ISRG)

March 27, 2008 8:54 AM EDT

In a note issued this morning, Deutsche Bank reaffirmed its positive outlook on Intuitive Surgical (Nasdaq: ISRG). The firm currently has a Buy rating and $360 price target on shares of Intuitive.

Deutsche's continued conviction in Intuitive comes after the firm visited the World Robotic Urology Symposium earlier this week. The Symposium brought together over 600 urologists and hospital executives who have focused on robotics surgery. The firm cited two major takeaways from the conference:

• "da Vinci has become ubiquitous in urologic surgery, which remains the largest market for Intuitive Surgical, and urologists continue to leverage their robotic surgery skillset beyond prostatectomy;" and
  
• "robotics continues to be a priority area of investment for hospital executives."

Additionally, as Deutsche believes that the da Vinci platform has become the clear standard of care in the prostatectomy market, the firm said that it is "highly confident" that Intuitive can meet and possibly exceed its previously issued procedure growth outlook of 40% year over year throughout 2008.

While at the conference, Deutsche said that it "did not sense any impact of the tightening credit market on demand for da Vinci."

Deutsche's $360 price target on Intuitive represents 11% upside from the stock's current price of ~$323.

Intuitive Surgical, Inc. engages in the design, manufacture, and marketing of da Vinci surgical systems for use in urologic, cardiothoracic, gynecologic, and general surgeries. [BCS]

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