Bernstein raised the firm’s price target on Intuitive Surgical to $350 from $325 and keeps an Outperform rating on the shares. In Q1, the company delivered a "monster" 26% procedure growth number and provided a confidence-inspiring upgrade to 2023 procedure guidance, the firm notes. System placements beat expectations by 11%, and utilization grew an impressive 13%. Margins were a bit light due to some one-time issues, but apart from that, Intuitive Surgical is "firing on all cylinders," Bernstein says, adding that it likes the setup for the rest of the year.
Published first on TheFly
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