Piper Jaffray analyst Matt O'Brien says Intuitive Surgical management during his firm's West Coast Field Trip indicated that the surgical volume slowdowns at hospitals are not affecting the company since it is too early in the adoption phase in many of its procedural growth categories. Regarding margins, Intuitive management "struck a bit of a cautious tone as it looks to invest in new technologies and growth drivers," O'Brien tells investors in a research note. He recommends not over-reading the commentary, however, noting that management always seems to be looking to stay ahead of the curve on the development side. O'Brien keeps a Neutral rating on Intuitive Surgical shares citing the "premium valuation."