Intuitive Surgical: Da Vinci 5 Rollout and Secular Procedure Growth Underpin TD Cowen Buy Rating and $660 Target

Intuitive Surgical (ISRG) has received a new Buy rating, initiated by TD Cowen analyst, .

TD Cowen has given his Buy rating due to a combination of factors tied to Intuitive Surgical’s strong product cycle and sustained growth prospects. The firm believes the ongoing global rollout of the Da Vinci 5 platform will not only expand the installed base but also accelerate system upgrades, creating a cascading effect as refurbished Xi units are placed in more cost-sensitive markets and care settings, thereby unlocking additional procedure volume. Their proprietary survey of leaders of major robotic surgery programs indicates that a significant portion of upcoming system purchases will expand existing fleets rather than merely replace older units, and that Intuitive Surgical is expected to retain a dominant share of planned robotic acquisitions despite growing competitive offerings.
TD Cowen’s analysis also highlights multiple secular drivers that support robust, long-duration procedure growth, including broader access in acute-care settings, expanding clinical indications, international expansion, and migration of procedures to new care sites. On this basis, the firm’s financial projections for revenue, procedure volumes, and system placements exceed consensus expectations over 2026–2028, and they forecast more durable mid-teens growth in Da Vinci procedures than the broader market currently anticipates. With revenue estimates running several percentage points above the Street and earnings per share modestly higher than consensus, TD Cowen views Intuitive Surgical as a core MedTech holding with attractive upside potential, supporting its Buy rating and a $660 price target.

In another report released on January 23, TipRanks – Google also reiterated a Buy rating on the stock with a $594.00 price target.