Intuitive Surgical price target raised to $400 from $380 at RBC Capital

RBC Capital analyst Shagun Singh raised the firm’s price target on Intuitive Surgical to $400 from $380 and keeps an Outperform rating on the shares as part of a broader research note previewing MedTech for 2024. Strong procedure volumes and system utilization drove 14.5% y/y ex-fx revenue growth for the company in 2023, the analyst tells investors in a research note. The management’s initial 2024 procedure volume growth outlook of 13%-16% looks conservative, which is consistent with historical trends of being conservative initially with a wide range that is raised and narrowed through the year, RBC added.