Intuitive Surgical (ISRG) PT Raised to $525 at Stifel

Stifel analyst Rick Wise raised the price target on Intuitive Surgical (NASDAQ: ISRG) to $525.00 (from $475.00) while maintaining a Buy rating.

The analyst commented: "Turning in one of the fastest installed base growth rates in years, at 15.1%, Intuitive could very well approach 10,000 robots installed by year-end 2024 (versus 9,539 today). In 2024, as well, the company should easily exceed 2.5 million annual procedures given a new guidance mid-point now implying ~2.6 million. With these impressive milestones just-ahead, the company delivered strong 3Q24 results. The two most critical ISRG quarterly line-items, DV5 placements and procedure growth, both exceeded expectations. The 110 DV5 systems placed easily exceeded our 75 system projection, and ~18% procedure growth also beat our ~17% estimate. Third quarter sales beat expectations at $2.04B (+17% y/y) versus Stifel/Consensus ~$2.01B. Helped by the strong top-line performance, meaningful operating leverage helped drive above-Consensus EPS results at $1.84/share versus Stifel/Consensus $1.63/$1.64 projections."

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