Intuitive Surgical: Durable Growth, Expanding Moat, and Attractive Upside Support Buy Rating and $616 Target

In a report released yesterday, Ryan Zimmerman from BTIG maintained a Buy rating on Intuitive Surgical, with a price target of $616.00.

Ryan Zimmerman’s rating is based on Intuitive Surgical’s strong operating performance and durable growth profile. He highlights that the company delivered solid quarterly revenue and earnings that surpassed prior expectations, driven by nearly 18% procedure volume growth for the quarter and about 19% growth for the full year. Management’s 2026 procedure guidance, while conservative at 13%–15%, suggests a healthy and stable demand backdrop, and Zimmerman expects this outlook to improve as the year progresses, consistent with historical patterns. He also notes that Intuitive is successfully expanding into higher-value segments such as cardiac surgery and ambulatory surgery centers by leveraging its large installed base and refurbished systems, which strengthens its competitive moat.
In addition, Zimmerman points to robust system placements, rising average selling prices supported by Da Vinci 5 adoption, and increasing global system utilization as evidence of continued platform penetration and customer engagement. Despite acknowledging risks from international market dynamics, tariffs, and softer Ion placements, he views these as manageable within the broader growth story. The company’s diversified, market-specific strategy makes it difficult for competitors to displace Intuitive, supporting the case for a premium valuation multiple. On this basis, Zimmerman maintains a Buy rating and a $616 price target, implying attractive upside relative to current levels.

ISRG’s price has also changed slightly for the past six months – from $511.000 to $525.810, which is a 2.90% increase.