Goldman Sachs Downgrades Intuitive Surgical (ISRG) to Neutral; Growth Uncertainty

July 9, 2013 6:52 AM EDT
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Price: $655.03 --0%

Rating Summary:
    22 Buy, 10 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 15 | Down: 17 | New: 10
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Goldman Sachs downgraded Intuitive Surgical (NASDAQ: ISRG) from Buy to Neutral with a price target of $500.00 (from $676.00) following Monday's Q2 warning.

"While procedure volumes were somewhat better than most had feared (no material change in growth vs. Q1), the US capital equipment business looks to be facing material incremental headwinds," Goldman's analyst said in today's downgrade report. "In addition, management's commentary that payors are starting to encourage more conservative care and as well as treatment in outpatient settings is a new dynamic that we had not previously contemplated in our thesis on the stock."

The firm lowered FY 2013 EPS estimates from $17.53 to $16.93, FY 2014 EPS estimates from $21.21 to $19.77 and FY 2015 EPS estimates from $25.16 to $22.63.

For an analyst ratings summary and ratings history on Intuitive Surgical click here. For more ratings news on Intuitive Surgical click here.

Shares of Intuitive Surgical closed at $500.08 yesterday.

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