Intuitive Surgical (ISRG) PT Raised to $515 at Truist Securities

Truist Securities analyst Richard Newitter raised the price target on Intuitive Surgical (NASDAQ: ISRG) to $515.00 (from $450.00) while maintaining a Buy rating.

The analyst commented: "Our $515 PT is based on a ~72x P/E on our cash-adj. 2025E EPS ([$7.57 - $0.74 interest income = $6.84]) + ~$24 in cash/shr. A ~72xP/E multiple would reflect a relative P/E premium vs. the S&P 500 (~3x) at the upper-end of ISRG's 3-yr average relative premium range vs. the S&P 500 (~2.5 - 3.0x). It reflects an absolute P/E above the upper-end of its 3-year avg. as well. We think the stock deserves a premium/multiple more towards the upper-end of its historical range given sustained, elevated procedure growth and a new product cycle now close inhand (from one of the best innovators in MedTech) which has potential to drive significant rev and EPS growth acceleration and upside vs. our/CNS thinking into the out-years."

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