Intuitive Surgical price target raised to $315 from $300 at BofA

BofA analyst Travis Steed raised the firm’s price target on Intuitive Surgical to $315 from $300 and keeps a Buy rating on the shares. Q1 worldwide procedure growth of 26% "shows a real acceleration in robotic adoption," says the analyst, who acknowledges some Omicron comp benefit in early Q1, but adds that "the numbers also suggest real procedure gains/increased robotic penetration especially in benign general surgery." New 2023 procedure growth guidance of 18%- 21%,, up from 12%-16% after just one quarter, "also suggests real underlying strength," the analyst added.