Intuitive Surgical price target raised to $711 from $640 at Citi

Citi raised the firm’s price target on Intuitive Surgical (ISRG) to $711 from $640 and keeps a Buy rating on the shares following the Q4 report. The company reported “remarkable” operating leverage including gross margin expansion to 69.5% from 68.0% year-over-year and operating margin expansion to 38.4% from 33.2%, the analyst tells investors in a research note. The firm believes Intuitive Surgical remains a core holding, saying its guidance appears conservative on procedures and expenses.