Lee Hambright, an analyst from Bernstein, maintained the Buy rating on Intuitive Surgical. The associated price target was raised to $700.00.
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Lee Hambright has given his Buy rating due to a combination of factors that highlight Intuitive Surgical’s strong growth potential and strategic positioning. One of the primary reasons is the substantial opportunity for procedure growth, as the company is on track to perform over 3 million da Vinci procedures this year. This figure represents a significant portion of the total addressable market, and there is potential to further expand into a broader range of soft tissue procedures.
Additionally, Intuitive Surgical is capitalizing on international expansion and the growth of ambulatory surgical centers (ASCs) in the U.S. The deployment of refurbished Xi systems is expected to drive significant growth in these areas. Furthermore, the company’s commitment to innovation, with new platforms like multiport, single port, and Ion, suggests a promising expansion of their addressable market. These strategic initiatives and the company’s leadership in innovation underpin Hambright’s positive outlook and Buy rating for Intuitive Surgical.
In another report released on November 12, Bank of America Securities also maintained a Buy rating on the stock with a $650.00 price target.