Intuitive Surgical price target raised to $392 from $340 at BTIG

BTIG raised the firm’s price target on Intuitive Surgical to $392 from $340 and keeps a Buy rating on the shares. The firm is citing “excitement” building following last week’s investor presentation by the company and rising expectations of a next-generation Da Vinci system to be launched in FY24. Shares are already trading at 57.4-times expected next-twelve-months earnings, but on a multi-year basis, shares are not beyond one standard deviation, and an in-line forward multiple can support shares into the launch, the analyst tells investors in a research note.