Intuitive Surgical price target raised to $314 from $298 at Barclays

Barclays analyst Matt Miksic raised the firm’s price target on Intuitive Surgical to $314 from $298 and keeps an Overweight rating on the shares. The company’s Q1 results outperformed expectations on procedure growth and system sales, while its management raised procedure growth guidance to 18%-21%, the analyst tells investors in a research note, adding that Intuitive Surgical also sees a return to more normalized utilization and adoption trends for the rest of the year. Staffing issues for Intuitive Surgical also appear to have stabilized and potentially improving in some areas, and the company has planned a price increase to put in place in Q2, Barclays noted, stating that it views the robotic surgery market as one of the most important disruptive growth markets in Med Tech.