Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Intuitive Surgical, Inc. (NASDAQ:ISRG) reported Tuesday its first quarter results, which came in ahead of expectations and sent the stock surging to new all-time highs. Yet the company still faces its "most catalyst rich" cycle ever, according to Morgan Stanley.
The Analyst
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
Morgan Stanley's David Lewis maintains an Overweight rating on Intuitive Surgical with a price target lifted from $500 to $525.
The Thesis
Intuitive Surgical's results came in "materially stronger" than Lewis' already bullish expectations, the analyst said in a note. The strength seen in the quarter came in a big part from procedure growth of 15 percent from a year ago and encouraging gross system placements, which was the second strongest ever.
Lewis said investors should have confidence that Intuitive Surgical will proceed in multiple catalysts that have yet to play out. These include:
SP approval and additional filings after a "normal" process in which the FDA asked questions;
Want Private Access to Benzinga Analyst?
Check out the latest strategies our team of experts are using every week so that you can always adapt to the market like the pros!—Get FULL Access to This Week's Webinar Here.
Renewal of China quota where demand for robotic surgery is "meaningful"; and
Ongoing progress in Japan where the total addressable market is more than 200,000 procedures versus 30,000 prior from prostatectomy and partial nephrectomy.
Price Action
Shares of Intuitive Surgical hit a new all-time high of $471.40 Wednesday, higher by more than 8 percent on the day.
The Companies That Led 2017's Biotech Rally
What's Powering This Robotics ETF
Image Credit: ©[2016] Intuitive Surgical, Inc. (©[2016] Intuitive Surgical, Inc.), via Wikimedia Commons
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.