UPDATE: JP Morgan Raises PT to $370 on Intuitive Surgical
A report from JP Morgan reiterates its Neutral Rating and raises its price target from $350 to $370 on Intuitive Surgical (NASDAQ: ISRG).
In the report, JP Morgan writes, “Intuitive Surgical's 3Q11 results appeared to be decoupled from the challenged world of medical utilization and the broader capital equipment cycle – indeed, this was perhaps the company's most impressive quarter ever, given the macro backdrop, with system placements (+98 net, +133 gross), procedure growth (+30%), total revenue (+30% to $447M) and EPS (+43% to $3.05) all handily beating our and consensus expectations. We can find few faults with the results, which point to continued strong uptake of the da Vinci system, while new markets (Japan) and new products (SILS, Firefly, stapler, etc.) could help maintain longer term interest, although with shares now trading >15x 2012E EBITDA”.
ISRG closed yesterday at $362.76.
