Intuitive Surgical price target raised to $355 from $309 at RBC Capital

RBC Capital analyst Shagun Singh raised the firm’s price target on Intuitive Surgical to $355 from $309 and keeps an Outperform rating on the shares as part of a broader research note previewing Q2 results for Medical Devices. The analyst is bullish on the set-up for the group, noting that companies should benefit from higher healthcare utilization as staffing is increasingly less of a limiting factor. There is also some room for 2023 procedure volume guidance revision upward as the low-end of Intuitive Surgical’s 18%-21% outlook assumes continued choppiness with COVID hospitalizations, uncertainty with the timing of the capital quota in China for the remainder of the year, and macroeconomic challenge, the firm tells investors in a research note.