Intuitive Surgical price target lowered to $279 from $316 at BTIG

BTIG analyst Ryan Zimmerman lowered the firm’s price target on Intuitive Surgical to $279 from $316 after its Q4 earnings miss but keeps a Buy rating on the shares. Expectations for a next-gen multiport robotic system have been building for multiple quarters, but rather than confirming expectations, the company’s management pushed out the timing beyond FY23, the analyst tells investors in a research note. BTIG adds however that with improving procedure growth in select international markets, along with improving utilization of Ion and Sp, Intuitive Surgical could see procedure guidance improve through FY23. The firm also states that its Buy rating is warranted as the stock trades near the low end of its 3-year historical price-to-earnings range.