Needham & Co Upgrades Intuitive Surgical (ISRG) to Buy; Channel Checks Offer Confidence In Revenue Growth
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Needham & Co upgrades Intuitive Surgical (Nasdaq: ISRG) from Hold to Buy. Price target $180.
Needham analyst says, "Increasing 2009 Estimates to reflect additional da Vinci Si sales and accelerated deferred revenue recognition of systems sold in 1Q09. We increase our 2009 revenues and EPS to $891M and $4.63 from $878M and $4.49, previously. We expect systems sales of $99M in 2Q09 and $350M in 2009, including approximately $2.5M in da Vinci Si upgrades in 2Q09 and $8.5M in 2009. Our 2010 estimates are revenues of $1,123M associated with EPS of $7.06 per diluted share. Our 2011 estimates are revenues of $1,338M associated with EPS of $8.92 per diluted share."
"Hospital checks give us more confidence in revenue growth. Based on previous survey results of 60+ hospital CEO and CFOs, we found roughly 29% of hospitals expect to purchase an additional da Vinci system within a two year time frame."
Intuitive Surgical, Inc. (Intuitive Surgical) is engaged in the designing, manufacturing and marketing of the da Vinci Surgical Systems.
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