Analysts at BofA Merrill Lynch increased the price target on shares of Intuitive Surgical, Inc (ISRG) to $550.00 from $460.00 following the announcement that the company received FDA approval of the da Vinci Xi Surgical System, and reiterated Buy rating on the stock.
“Based on our preliminary take and our view that this could be the first of a number of new system launches over the next 12-18 months, we are increasing our 2015 estimates and raising our PO to $550.” BofA Merrill Lynch said
“Depending on what we learn at the SAGES meeting this week in Salt Lake, we may revise our preliminary thoughts. SAGES is the big general surgery meeting and ISRG plans to officially launch Xi to clinicians at this meeting. We are highly likely to learn much more about the Xi system at SAGES and we will be able to gauge physician response more thoroughly.” it added
Shares of Intuitive Surgical, Inc (ISRG) surged by 12.7 percent to close at $493.60 on Tuesday.