Piper Jaffray Remains Neutral on Intuitive Surgical (ISRG) Following Survey Results

Piper Jaffray maintained a Neutral rating and $525.00 price target on Intuitive Surgical (NASDAQ: ISRG) following survey results. The survey of 35 domestic hernia surgeons had a goal to understand the pros and cons of using da Vinci during these cases. Overall, the surgeon group expects their utilization of da Vinci in hernia procedures to increase from 22% this year to 31% in 2018.

Analyst Matt O'Brien commented, "Over the past several weeks, we surveyed 35 domestic hernia surgeons to understand the pros and cons of using da Vinci during these cases. Improved visualization and dexterity were the most commonly cited reasons for using the robot in these procedures, with cost and time negative factors on the other side of the equation. Overall, our surgeon group expects their utilization of da Vinci in hernia procedures to increase from 22% this year to 31% in 2018. Based on their feedback, we anticipate hernia will indeed be a meaningful contributor to procedural growth (eventually 75k-150k) in the coming years. We continue to admire the unique technology ISRG has developed but remain stuck on the premium valuation the stock commands, which keeps us Neutral on the name."

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 $509.97 yesterday.

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