UPDATE: Sterne Agee Upgrades Intuitive Surgical on More Balanced Risk/Reward

In a report published Tuesday, Sterne Agee analyst Gregory P. Chodaczek upgraded the rating on

from Underperform to Neutral, and raised the price target from $360.00 to $380.00. In the report, Sterne Agee noted, “With ISRG shares down approximately 31% from its 2014 high, following a disappointing 1Q14 report, we are upgrading the stock to Neutral from Underperform as we view the risk/reward as more balanced at current levels. While we still believe dVH procedures volumes in the U.S. will be lower than 2013 and the da Vinci Xi roll out will be modest, we think the stock's current valuation has priced in these negative scenarios.” Intuitive Surgical closed on Monday at $367.80.