Citi Starts Intuitive Surgical (ISRG) at Buy
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Citi analyst Joanne Wuensch initiates coverage on Intuitive Surgical (NASDAQ: ISRG) with a Buy rating and a price target of $862.00.
The analyst comments "Intuitive Surgical created the robotic surgery market, initially for prostatectomy procedures, but expanding into: Urology, Gynecology, General Surgery, Head and Neck, and Cardiothoracic procedures. Since the first system was introduced in 1999, it has developed five additional iterations that assist in minimally invasive surgery. The momentum is evident: 1) clinical data has been published in >24,000 peer reviewed publications; and 2) it now operates in 67 countries, with 5,989 systems currently in place, and more than 8.5M procedures performed worldwide through 2020. To put a finer point on it: every 25.4 seconds a surgeon starts a da Vinci procedure. Although Intuitive has revolutionized surgery, it has just begun to tap the six million procedures da Vinci is indicated for, with ~1.2M da Vinci surgeries performed in 2020."
Shares of Intuitive Surgical closed at $738.94 yesterday.
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