Intuitive Surgical price target lowered to $315 from $375 at Stifel

Stifel lowered the firm’s price target on Intuitive Surgical to $315 from $375 and keeps a Buy rating on the shares. Q3 top-line performance was impacted by lower-than-expected China system placements, a higher than expected overall da Vinci system lease rate and sequentially lower OUS revenue per procedure, prompting a miss compared to the firm’s and consensus estimates. Ongoing pressures push the firm’s 2023 and 2024 estimates lower, but with overall business fundamentals “pointing in an encouraging direction,” Stifel continues to view the Intuitive story “positively,” the analyst tells investors.