Intuitive Surgical (ISRG) PT Raised to 'Street High' $960 at Stifel
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Stifel analyst Rick Wise raised the price target on Intuitive Surgical (NASDAQ: ISRG) to a 'Street High' $960.00 (from $870.00) while maintaining a Buy rating.
The analyst commented, "Intuitive's 1Q21 exceeded Stifel/Consensus across all key metrics: revenue, EPS, procedure growth, and system placements. Robust Instruments & Accessories ($706M/14.3% Y/Y) and System revenues ($369M/34.2% Y/Y) led the 1Q21 outperformance relative to our forecasts. Key updates from the post-release call: (1) on procedure volumes, the US steadily improved in February and March, while APAC experienced continued strength. European procedure volumes were mixed, with ISRG specifically noting relatively better procedural volumes in France/Germany than the UK. (2) better-than-expected 1Q21 capital placements stemmed from hospitals preparing for a post-COVID environment and upgrading current capabilities, suggesting to us hospital capital budgets were less impacted by COVID than originally anticipated. (3) compared to a 4Q20 2% decline, 1Q21 average system utilization grew 8%. Intuitive also provided first-time 2021 guidance indicating 22-26% full-year procedural growth. Given the highly-encouraging 1Q21 and guidance, our 2021 projections move meaningfully higher along with our TP (now $960 vs. $870)."
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