Intuitive Surgical (ISRG): Raising PT On Strong Quarter - Wedbush

October 19, 2016 7:53 AM EDT
Get Alerts ISRG Hot Sheet
Price: $635.32 -0.21%

Rating Summary:
    23 Buy, 9 Hold, 2 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 28 | Down: 20 | New: 17
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Wedbush analyst, Tao Levy, reiterated his Outperform rating on shares of Intuitive Surgical (NASDAQ: ISRG) and raised his price target to $785 from $755.

The analyst believes ISRG should benefit from continued adoption of da Vinci's more surgical specialties and geographies. Results in 3Q were driven by system placements and procedure growth, leading the analyst to believe ISRG can maintain its robust growth prospects.

Procedure growth, the key metric to gauge ISRG’s underlying fundamentals, increased 14% yr/yr and continued to outpace the broader surgical market. US general surgery (hernia repair, colorectal surgery) and robust international growth (+25% yr/yr) were key contributors. Management now expects full year procedure growth at the high end of its prior 14%-15% range.

The new PT is based on a 27x P/E multiple on our forward cash EPS estimate (ex stock-based comp expense), 12 months hence (excluding interest income), plus $115/share in cash and investments.

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 $721.73 yesterday.



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