UPDATE: Cantor Fitzgerald Reiterates Hold Rating, Raises PT on Intuitive Surgical

In a report published Wednesday, Cantor Fitzgerald reiterated its Hold rating on Intuitive Surgical

, and raised its price target from $525.00 to $550.00. Cantor Fitzgerald noted, “After two straight relatively tepid quarters (by its own standards), Intuitive posted a strong quarter in which it topped the Street (FactSet) on revenues, procedures, system sales, and EPS. Those more bullish may view 2013 guidance as conservative, particularly on the revenue side, but we view the high end as a likely result. Even with 20% top-line and high-teens bottom-line growth this year, we still view the stock as fairly valued with a multiple still north of 30x.” Intuitive Surgical closed on Tuesday at $518.49.