Cantor Fitzgerald Sticking By Intuitive Surgical (ISRG) Despite a 'Quarter to Forget'
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Price: $373.12 --0%
Rating Summary:
27 Buy, 9 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 12 | New: 1
Rating Summary:
27 Buy, 9 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 12 | New: 1
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Cantor Fitzgerald cut its price target on Intuitive Surgical (NASDAQ: ISRG) from $575 to $425 Friday, but maintained a Buy rating saying expectations have been properly reset.
To summarize, analyst Jermey Feffer commented: "Who knew that a slowdown in one procedure type could have such a significant ripple effect across the entire company? Indeed, the extent of ISRG's 2Q miss (which it preannounced on July 8) was much worse than we initially understood, as system ASPs and revenues per procedure also suffered. More important to us, however, was management's acknowledgment (both explicitly and via lowered guidance) that these issues were not confined to this quarter but are instead likely to persist at least through the next two quarters and likely into 2014. We lower our estimates meaningfully and our price target from $575 to $425, but we are maintaining our BUY rating because we believe that expectations have been properly reset and that there remains tremendous value in this franchise."
The firm chopped FY 2013 EPS from $17.97 to $16.02, FY 2014 from $20.24 to $17.88 and FY 2015 from $23.21 to $20.20.
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 $421.47 yesterday.
To summarize, analyst Jermey Feffer commented: "Who knew that a slowdown in one procedure type could have such a significant ripple effect across the entire company? Indeed, the extent of ISRG's 2Q miss (which it preannounced on July 8) was much worse than we initially understood, as system ASPs and revenues per procedure also suffered. More important to us, however, was management's acknowledgment (both explicitly and via lowered guidance) that these issues were not confined to this quarter but are instead likely to persist at least through the next two quarters and likely into 2014. We lower our estimates meaningfully and our price target from $575 to $425, but we are maintaining our BUY rating because we believe that expectations have been properly reset and that there remains tremendous value in this franchise."
The firm chopped FY 2013 EPS from $17.97 to $16.02, FY 2014 from $20.24 to $17.88 and FY 2015 from $23.21 to $20.20.
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 $421.47 yesterday.
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