Goldman Sachs analyst David Roman downgraded Intuitive Surgical to Neutral saying the risk/reward looks balanced at current share levels. Consensus sales estimates now appropriately capture the company's forward growth outlook, Roman tells investors in a research note. He points out that since his upgrade to Buy on October 6, 2014, shares of Intuitive are up 31.1%. Roman lowered his price target for the stock to $674 from $690. Intuitive closed yesterday up $2.98 to $637.69.
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Sees FY24 gross profit margin 67%-68%. Sees FY24 operating expense up 11%-15%. Sees FY24 capital expenditures 1B-$1.2B. Sees FY24 tax rate 22%-24%. Says five additional procedures will have reimbursement in Japan by June. Says saw particular strength in the U.S. and the U.K. Comments and guidance taken from Q1 earnings conference call.
Pre-earnings options volume in Intuitive Surgical is 2.0x normal with calls leading puts 10:9. Implied volatility suggests the market is anticipating a move near 4.9%, or $18.11, after results are released. Median move over the past eight quarters is 5.6%.