Intuitive Surgical (ISRG) PT Raised to $495 at Piper Sandler

Piper Sandler analyst Adam Maeder raised the price target on Intuitive Surgical (NASDAQ: ISRG) to $495.00 (from $490.00) while maintaining a Overweight rating.

The analyst commented, "This evening (7/18), ISRG reported Q2 results and refined its full-year 2024 outlook. Q2 revenue, procedure growth, and adj. EPS all came in ahead of Street expectations. There were two bright areas that particularly stood out to us: (1) 70 DV5 system placements in Q2 was well-ahead of Street expectations; and (2) ISRG posted impressive leverage (37.5% adj. op margin) in the quarter behind the top-line strength, healthy gross margins and cost discipline. On the guidance front, ISRG took up the midpoint of its FY 2024 WW procedure growth range to +15.5-17.0% (from +14.0-17.0%), increased its gross margin outlook, and lowered the midpoint of its op ex targets as well—that combined with the Q2 EPS beat should have estimates moving nicely higher (ours included). Shares appear to be indicated up ahead of tomorrow’s open and for good reason in our view. Reiterate OW / PT to $495 (from $490)."

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