In a report released yesterday, Travis Steed from Bank of America Securities maintained a Buy rating on Intuitive Surgical, with a price target of $650.00.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Travis Steed has given his Buy rating due to a combination of factors that highlight Intuitive Surgical’s growth potential. One of the main reasons is the company’s expanding total addressable market (TAM) for its procedures, which has grown significantly from 1.8 million in 2009 to 8 million today. This expansion is expected to continue, with cardiovascular procedures identified as a key growth area. The recent hiring of a head of Cardio and several job postings for Cardiovascular Sales Manager roles indicate that Intuitive Surgical is actively preparing to capitalize on this opportunity.
Additionally, Intuitive Surgical’s focus on innovation and new technology investments, such as force feedback and improved visualization on the dV5 system, are likely to enhance the adoption of robotic procedures in the cardiovascular space. The company’s strategic initiatives, including the development of da Vinci Cardiac Reference Centers and training programs for cardiac surgeons, further support the potential for sustained growth. These factors, combined with a favorable market environment, underpin Steed’s confidence in the company’s future performance and justify the Buy rating.
In another report released on September 4, Bernstein also maintained a Buy rating on the stock with a $685.00 price target.