Intuitive Surgical price target raised to $515 from $450 at Truist

Truist analyst Richard Newitter raised the firm’s price target on Intuitive Surgical to $515 from $450 and keeps a Buy rating on the shares as part of a broader research note previewing Q2 results in the MedTech sector. Across the market cap, there continues to be crowding in the strongest growth stories with a widening performance and valuation gap between “haves” and “have nots”, but while this could create some profit-taking, dips in these names will get bought if fundamentals are moving in the right direction, the analyst tells investors in a research note. For Intuitive Surgical, its current valuation premium relative to the broader market is justifiable given the elevated procedure growth and a new product cycle being close in-hand, which has potential to drive significant revenue and EPS growth acceleration, the firm added.