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Bank Of America Impressed By Intuitive Surgical Following Congress

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Bob Hopkins of Bank of America attended the AAGL 2014 Global Congress on Minimally Invasive Gynecology last week and were impressed with the feedback received by Intuitive Surgical, Inc. (NASDAQ: ISRG).

Hopkins notes that feedback on Intuitive Surgical's new wristed, single-site needle driver was "more positive than we expected" and could drive robotic single-site hysterectomy procedures. The analyst adds that it's evident surgeons have wanted wristed functionally since 2013 and the lack of having the functionality has been a limiting factor preventing surgeons from adopting a single site.

Hopkins also notes that there appears to be even more functionality coming to improve single-site hysterectomy based on discussions with surgeons and hints from sales representatives that new instruments will be forthcoming.

However, Hopkins states that based on further conversations, macro-headwinds impacting GYN surgical volumes have not "materially changed," but new technology in robotics should drive penetration higher.

Shares of Intuitive Surgical are Buy rated with a $550 price target.

Latest Ratings for ISRG

DateFirmActionFromTo
Apr 2021CitigroupInitiates Coverage OnBuy
Mar 2021Piper SandlerMaintainsNeutral
Jan 2021Raymond JamesMaintainsOutperform

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Posted-In: AAGL Congress Bob Hopkins GYN Surgical Intuitive SurgicalAnalyst Color Price Target Analyst Ratings

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