Intuitive Surgical price target raised to $460 from $375 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Intuitive Surgical to $460 from $375 and keeps an Equal Weight rating on the shares. Based on the firm’s channel checks and discussions with corporates, it thinks Medical Technology, or MedTech, fundamentals look solid heading into Q2, with utilization and volumes still running comparatively high across end-markets. While fundamentals and the environment are good, “positioning probably matters more” as the firm suspects idiosyncratic stock positioning and expectations to be “the key driver of price performance on the day, particularly where shorter-duration money is at play,” the analyst added in a preview for the group.