Intuitive Surgical price target raised to $350 from $315 at Stifel

Stifel raised the firm’s price target on Intuitive Surgical to $350 from $315 and keeps a Buy rating on the shares after having hosted a dinner with two high-volume robotic surgeons, both of whom have performed “thousands of robotic surgeries.” The physicians conveyed their strong sense that Intuitive potentially could launch their next generation da Vinci system as soon as the first half of 2024 and believe that many of the next-gen da Vinci upgrades would be “software” centered, rather than hardware alone, the analyst tells investors. While the firm’s estimates remain unchanged pending an actual, official new system announcement, it is increasing its price target and valuation multiple to reflect its “generally high conviction in robotic surgery’s long-term, sustainable growth outlook and the potential for Intuitive to outperform our current projections,” the analyst added.