Intuitive Surgical soars as Q3 earnings beat sparks a wave of analyst upgrades
Intuitive Surgical shares leapt nearly 17% Wednesday morning after the company topped Q3 estimates after the bell on Tuesday.
Adjusted earnings per share came in at $2.40, beating the Street’s estimate of $1.99. Revenue reached $2.51 billion, easily above the forecast of $2.41 billion.
The results were largely powered by strong demand for its da Vinci and Ion robotic surgical systems. Worldwide procedures for both da Vinci and Ion systems grew approximately 20% compared with the same quarter a year ago. Analysts were quick to take action on the strong results:
Piper Sandler maintained its “buy” rating on the stock and raised its price target to $610 from $595.
Wells Fargo reiterated a “buy” rating and lifted its target to $600 from $599.
BTIG kept a “buy” rating and increased its target to $589 from $529.
Evercore ISI maintained an “in-line” rating but raised its target to $540 from $450.
Baird reiterated a “buy” rating and hiked its price target to $655 from $536.
