Collins Stewart Raises Price Target on Intuitive Surgical (ISRG) Following Earnings

Collins Stewart is reiterating its Buy rating on shares of Intuitive Surgical (NASDAQ: ISRG) while raising its price target from $475 to $515.

The company reported its quarterly results with most of its metrics topping expectations expect for producer growth. Management noted the weaker than expected growth was due to economic conditions in Europe.

"We have raised our estimates based on the strength of the quarter and our recent due diligence," reports an analyst at Collins Stewart. "ISRG is experiencing good progress in penetrating the urology market (non-prostate in US and prostate EU), gynecology market, and emerging procedures (colorectal surgery, transoral, thoracic, and recently gall bladders with its single-site instruments). The company submitted its 510(k) application for its stapler, which we estimate could be approved in 2H12 and drive upside to procedure growth and revenue/procedure."

The firm raised its FY12 ES estimate from $13.94 to $14.30. The firm also set its FY13 estimate at $17 per share.

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 $474.65 yesterday.

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