Piper Jaffray analyst JP Kim lowered his price on Intuitive Surgical to $610 after its Q1 earnings miss driven by a "higher mix of operating leases" and R&D costs. The analyst is keeping his Overweight rating however, saying that despite the headline miss, the fundamental growth drivers of the business are still "quite strong". Kim cites the company's procedure growth of 18% and install base growth of 13% in the quarter, adding that Q1 contributions from Intuitive Surgical's long-term growth drivers, such as expansion to China and Japan as well as its Ion product, were muted.

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Piper Sandler raised the firm's price target on Intuitive Surgical to $435 from $425 and keeps an Overweight rating on the shares. The company reported Q1 results that topped consensus on both the top- and bottom-line, the analyst tells investors in a research note. The firm says there were several positive operational updates announced on the earnings call, such as, healthy initial demand for SP in Europe and Chinese regulatory approval for Ion. The Q1 report had "little-to-nothing to pick at," contends Piper. Intuitive remains its favorite large-cap medtech name.

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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%.