Intuitive Surgical price target raised to $420 from $360 at Stifel

Stifel raised the firm’s price target on Intuitive Surgical to $420 from $360 and keeps a Buy rating on the shares. While the company reported Q4 results in-line with the company’s January 9 preannouncement, the “major news” was announcing they submitted their next generation da Vinci Five flagship system for FDA approval in August 2023 and that the system is currently under FDA review, the analyst tells investors. For the stock, this announcement might prove a near-term “sell the news” moment, but the firm views the announcement as the “start of an important new product cycle and as a positive moment to own” Intuitive Surgical, Stifel added.