UPDATE: Sterne Agee Reiterates Neutral Rating, Raises PT on Intuitive Surgical Ahead of Advisory Committee

In a report published Wednesday, Sterne Agee analyst Gregory P. Chodaczek reiterated a Neutral rating on

, and raised the price target from $380.00 to $400.00. In the report, Sterne Agee noted, “The FDA will convene a Medical Device Advisory Committee July 10-11 based on its previous safety advisory discouraging doctors from using power morcellators to remove fibroids. We believe this outcome will move from discouragement to an FDA requirement of a ‘boxed warning' related to the risk of cancer spread using power morcellation. Although we believe this warning will negatively affect Intuitive Surgical, we maintain our Neutral rating with a new price target of $400.00.” Intuitive Surgical closed on Tuesday at $377.60.