Intuitive Surgical price target raised to $490 from $435 at Piper Sandler

Piper Sandler raised the firm’s price target on Intuitive Surgical to $490 from $435 and keeps an Overweight rating on the shares. The firm says it has found tangible evidence of 40 placements of Intuitive’s da Vinci 5 robot since its U.S. launch, but thinks this figure is likely under-representative of the actual number of DV5s in the field and believes the firm’s previous FY24 assumption of 68 DV5s will likely prove to be overly conservative, the analyst tells investors in a research note. Piper believes its analysis suggests that U.S. launch is off to an encouraging start, which should help set the stage for robust financial performance in 2025-2026.