Intuitive Surgical price target raised to $425 from $325 at Piper Sandler

Piper Sandler raised the firm’s price target on Intuitive Surgical to $425 from $325 and keeps an Overweight rating on the shares. The firm notes Intuitive reported full Q4 results that topped consensus on both the top and bottom-line. Management reaffirmed its initial 2024 procedure guidance, which yields low double digits adjusted EPS growth in Piper’s updated model. The most important update from the call, however, was that Intuitive has submitted to FDA for approval of its Gen 5 system with clearance anticipated in 2024, the firm adds.