Analysts raise targets on Intuitive Surgical Inc. (ISRG:NSD) on Q1 earnings beat

Intuitive Surgical Inc Stock Forecast:

The average analyst target price for Intuitive Surgical Inc over the next 12 months is USD 283.95, and the average analyst rating is Strong Buy. However, Stock Target Advisor‘s own stock analysis of the company is Neutral based on 5 positive signals and 6 negative signals. The stock price for Intuitive Surgical Inc at the last closing was USD 269.28. Over the past week, the stock price has increased by +2.48%, over the past month it has increased by +13.24%, and over the last year, it has decreased by -2.56%.

Intuitive Surgical News:

Intuitive Surgical, the global leader in robotic-assisted minimally invasive surgery, recently announced their Q1 2023 earnings, beating market expectations and showing impressive growth in revenue and procedures performed.

The company reported revenue of $1.3 billion, an increase of 29% compared to the same quarter last year. This was mainly driven by an increase in da Vinci surgical system placements and growth in procedure volumes, particularly in the US and Europe.

The da Vinci surgical system is a robotic surgical platform that allows surgeons to perform complex procedures with greater precision, control, and visualization, resulting in better outcomes for patients. During the first quarter of 2023, the company placed 65 da Vinci systems worldwide, bringing the total number of systems installed to 6,736.

Intuitive Surgical’s growth in procedure volumes was also impressive, with a total of 295,000 procedures performed during the first quarter of 2023, a 22% increase compared to the same period last year. This growth was driven by a strong increase in general surgery procedures, which grew by 40% year-over-year, as well as growth in urology and gynecology procedures.

The company’s earnings beat was also reflected in their net income, which was $514 million for the quarter, a 33% increase compared to Q1 2022.

“We are pleased with our strong start to 2023, driven by solid demand for our da Vinci surgical system and continued growth in procedure volumes,” said Gary Guthart, CEO of Intuitive Surgical. “Our team remains focused on delivering innovative solutions that improve patient outcomes and enhance the value we deliver to our customers.”

Intuitive Surgical’s strong performance in the first quarter of 2023 was welcomed by investors, with the company’s stock price increasing by over 5% following the earnings announcement. This positive response is a testament to the company’s ability to deliver consistent growth and drive innovation in the healthcare industry.

Analysts Coverage Change:

  • Citigroup raises the target price on Intuitive Surgical to $317 from $305 and maintains the “Buy” rating.
  • Piper Jaffray Companies raises the target price to $315 from $265 for Intuitive Surgical (ISRG:NSD).
  • Truist Financial maintains a “Buy” rating and raises the target price to $325 from $300.
  • Raymond James maintains an “Outperform” rating and raises the target price to $323 from $270.
  • Wells Fargo & Company maintains an “Overweight” rating and raises the target price to $310 from $289 for Intuitive Surgical.
  • Stifel Nicolaus reiterates their “Buy” rating and raises the target price to $315 from $285.
  • Morgan Stanley & Co. maintains an “Equal-Weight” rating and raises the target price to $285 from $265.
  • RBC maintains an “Outperform” rating and raises the target price to $309 from $305.
  • J.P. Morgan Chase & Co maintains an “Overweight” rating and raises the target price to $335 from $250 on the company’s stock.

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