Intuitive Surgical (ISRG) PT Lowered at Piper Sandler Despite 'Another Strong EPS Print'

Piper Sandler analyst Adam Maeder lowered the price target on Intuitive Surgical (NASDAQ: ISRG) to $575.00 (from $670.00) while maintaining an Overweight rating.

The analyst commented: "Another Strong EPS Print; Tariff Headwind Manageable & Likely Conservative; ISRG reported a strong Q1 ahead of consensus on both the top and bottom-line. Additionally, management raised its FY2025 procedure guidance from +13-16% y/y to +15-17%, which is indicative of the underlying momentum. Not surprisingly, tariffs and macro were key discussion points on the call. On the former, ISRG lowered its FY25 GM guidance from 67-68% to 65-66.5% due to an anticipated 170bps +/- tariff headwind. On the latter, we got the sense that the U.S. capex environment remains healthy and demand for soft-tissue robots robust. While the tariff-related GM guide-down is a touch disappointing— we believe this headwind will be transitory and that ISRG has essentially built-in a “worstcase” scenario. While our FY25/26 top-line estimates move higher, our adj. EPS forecast moves lower to reflect this dynamic. Bigger picture, there’s no change to our view that ISRG remains the premier large-cap medtech asset. Reiterate OW/PT to $575 (from $670)."

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