UPDATE: CRT Capital Initiates Coverage on Intuitive Surgical with Sell Rating, $305 PT on Structural Shift

In a report published Tuesday, CRT Capital analyst Shagun Singh Chadha initiated coverage on

with a Sell rating and $305.00 price target. In the report, CRT Capital noted, “Intuitive Surgical develops the da Vinci Surgical System – a robotic-assisted platform designed to enable complex surgery using a minimally invasive approach…Current multiples reflect the Company's solid 2009‐13 revenue and EPS CAGR of 27% and 41%, respectively. We project low‐to‐mid single digit revenue and mid‐to‐high single digit EPS CAGR for 2013‐16E...Our 1‐year PT is based on 18x and 17x our 2014‐15 EPS estimate vs. the stock at 23x and 21x and peers at 17x and 15x, respectively.” Intuitive Surgical closed on Monday at $384.50.