Leerink Swann Q2 Review on Intuitive Surgical (ISRG); Delivered Again; Raising Estimates and PT

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Leerink Swann maintains a 'Market Perform' on Intuitive Surgical (NASDAQ: ISRG) price target of $580.00 (from $575.00).

Analyst, Richard Newitter, made note of the company reporting another strong quarter, but said procedure volume growth, while up 26%, was a step down from 29% growth (year-over-year) in Q1.

Looking forward, Newitter said, "In our view, the procedure growth outlook is an increasingly important metric for the stock to work from current levels, and 2Q commentary around incremental volume pressures suggest near-term headwinds to growth....More specifically, positive momentum in US dvH and general surgery trends remains robust. But q/q deceleration trends in EU and US Dvp procedure growth partially offset."

FY12 EPS estimate raised from $14.55 to $14.72. FY12 revenues raised from $2.12B to $2.15B.

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 $544.21 yesterday, with a 52 week range of $320.00-$594.89.

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