Intuitive Surgical price target raised to $555 from $525 at RBC Capital

RBC Capital raised the firm’s price target on Intuitive Surgical (ISRG) to $555 from $525 and keeps an Outperform rating on the shares. The company’s Q3 earnings beat marked a “strong quarter” that was led by Da Vinci 5 system placements, robust procedure volume growth, and margin discipline, the analyst tells investors in a research note. The management also increased its FY24 procedure volume growth outlook to 16%-17% from 15.5%-17%, with the low end assuming further softening in bariatric procedures and increasing headwinds in Asia from prolonged physician strikes in Korea and the high end assuming that bariatric stabilizes at current quarter rates and that headwinds in Korea and China do not worsen, RBC added.