Intuitive Surgical Has A 'Multi-Year Growth Runway,' RBC Capital Says: What Are The Catalysts?

Intuitive Surgical, Inc. ISRG is a global leader in the robotic-assisted surgery market, which is not only large — it is estimated at more than $6 billion — but also the most underpenetrated and fastest-growing among the medical device sub-markets, according to RBC Capital Markets.

The Intuitive Surgical Analyst: Shagun Singh initiated coverage of Intuitive Surgical with an Outperform rating and a price target of $340.

The Intuitive Surgical Thesis: The company is “uniquely positioned for a multi-year runway of growth,” Singh said in the initiation note.

She explained that line-of-sight procedures had grown, and Intuitive Surgical is capable of driving penetration given its “technological leadership, diversified platform offerings (da Vinci, SP, ION), a well-entrenched ecosystem, and no major competition.”

The analyst expressed optimism around Intuitive Surgical being able to generate the “highest revenue growth in the RBC Large-cap MedTech Index and industry-leading OMs.”

ISRG Price Action via Benzinga Pro: Shares of Intuitive Surgical had risen by 1.56% to $285.46 at the time of publication Friday afternoon.

Photo: Courtesy Intuitive Surgical