Piper Sandler on Intuitive Surgical (ISRG): 'Recent Field Check Supports Our Constructive View'

Piper Sandler analyst Adam Maeder reiterated an Overweight rating and $580.00 price target on Intuitive Surgical (NASDAQ: ISRG).

The analyst commented: "Recent Field Check Supports Our Constructive View; We recently spoke with the head of robotics at a large U.S. healthcare system that has substantial experience with ISRG da Vinci (including DV5) and other robotic offerings. While we acknowledge our check is n=1, we thought our discussion was across-the-board positive for ISRG. More specifically, our check pushes back against bear arguments such as durability of U.S. volume growth, third-party instrument reprocessing (this healthcare system has no apparent interest), and emerging competition (our consultant’s system evaluated/passed on MDT’s Hugo). Additionally, our call helps validate several new growth drivers, which include the ASC opportunity, DV5 cardiovascular procedures, and My Intuitive+. It's been a tough stretch for ISRG’s stock (-27.2% YTD vs. +11.3% for the S&P500) and sentiment continues to skew negative. That said, we continue to believe the underlying fundamentals of the business remain healthy, the bear concerns are overblown, and we see ample potential upside to models. Reiterate OW/$580 PT."

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 $412.26 yesterday.

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