UPDATE: Oppenheimer Upgrades Intuitive Surgical (ISRG) to Perform

Oppenheimer analyst Suraj Kalia upgraded Intuitive Surgical (NASDAQ: ISRG) from Underperform to Perform.

The analyst comments "Intuitive reported 1Q21 revenues of $1.29B, ahead of our/consensus estimates of $1.20B/$1.11B, on OUS growth, especially in capital equipment. 1Q21 GAAP EPS of $3.51 beat our $2.51 and consensus' $2.04 estimates, helped by a $0.09 investment gain. FY21 procedure growth guide was introduced at 22-26%, well ahead of Street’s 18%E, on US general surgery and earlier-stage OUS markets. COVID impacted US into January, followed by improvements through Feb/March; there was variability in EU (France strong, UK procedures down), APAC (China easy comp, few hot spots). Extended use instrument program (US/EU) gaining traction, but it pressured I&A revs/procedure, as expected. Upgrading to Perform on strong 1Q results and better post-COVID outlook."

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 $811.11 yesterday.

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