2024-01-19 13:21:30 ET
Intuitive Surgical ( NASDAQ: ISRG ) shares reached a new 52-week high on Friday as multiple Wall Street firms upped the price target on the MedTech company, citing market enthusiasm over a potential launch of a new version of its da Vinci robotic surgical system.
Wells Fargo and BTIG analysts with buy-equivalent ratings on ISRG have raised their price targets to $416 and $392 from $363 and $340 per share, respectively.
Wells Fargo’s Larry Biegelsen, who has an Overweight rating on the company, argued that “based on ISRG’s recent comments, we believe a new system may be close.”
Citing an initial analysis, Biegelsen expects the device's newest iteration to improve Intuitive’s ( ISRG ) total revenue and EPS growth rate between 2023 and 2028.
BTIG’s Ryan Zimmerman notes that investors seem to be waiting for a new da Vinci version to enter the market in FY24. Despite a Buy rating, the analyst cautions that the stock will see a negative reaction if management de-emphasizes a new system launch during ISRG's Q4 2023 earnings call, scheduled for next Tuesday.
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Intuitive Surgical stock hits 52-week high