Needham & Company Maintains a 'Hold' on Intuitive Surgical (ISRG); This Isn't MAKO, But Macro Not Helpful

July 11, 2012 8:43 AM EDT Send to a Friend
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Price: $515.43 +0.37%

Rating Summary:
    22 Buy, 7 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 18 | New: 41
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Needham & Company maintains a 'Hold' on Intuitive Surgical (NASDAQ: ISRG) price target of $535.00.

Analyst, Jason R. Mills, said, "We look for ISRG to exceed seemingly conservative consensus Q2 estimates of $520M/$3.53. We model $525M/$3.64, which implies revenue/EPS growth of 23%/25%, and op-margins of 40%. We expect ISRG’s Q2 results to once again be best-of-breed in med-tech land, but believe current valuation fully accounts for strong results and modest upside to consensus."

"This isn't MAKO Surgical (Nasdaq: MAKO), but the macro isn't helpful either. With an installed base over 2200 WW vs. MAKO’s ~120 and applications for daVinci in a different stratosphere vs. MAKO, ISRG and MAKO are hardly comparable. That said, MAKO's negative Q2 pre-announcement noted a lengthening sales cycle and need for additional surgeon support, which we think is applicable to ISRG in new applications (e.g., single-site, thoracic) and new geographies (e.g., Europe, Japan)."

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 $531.77 yesterday.


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