BTIG Lifts PT on Intuitive Surgical (ISRG) to $600 Amid Improved Procedures Outlook
BTIG lifts its price target on Buy-rated Intuitive Surgical (Nasdaq: ISRG) from $575 to $600 following Q4 results and outlook issued Thursday night.
Sean Lavin noted that the firm's thesis remains intact. The analyst commented, Procedure growth, which drives system sales, is being driven by general surgery in the U.S. and significant international expansion. While we do not see a home run from here over the next year, we continue to see upside in what we think could be a tough overall healthcare environment. The one big risk, in our view, is if high-multiple HC stocks get hit this year.
Further procedure details: In the U.S., strong urology (which may slow) and considerable growth in colorectal and hernia (which should grow for years) led to the strong Q4 and guidance. Single site and, specifically, chole have been somewhat disappointing. OUS, prostate leads the way; OUS growth has been stellar and should be a major part of the company’s future
the analyst commented.
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