Piper remains buyer of Intuitive Surgical shares on 'undeniable' momentum
Piper Jaffray analyst JP McKim says this morning's preliminary Q4 results and 2019 procedure guidance from Intuitive Surgical were both better than expected. The "strong" 13%-17% procedure guidance for 2019 far exceeded expectations and the "strong" system placements is a great leading indicator for future procedure growth, McKim tells investors in a research note titled "Undeniable Strong Momentum In The Business; Remain Buyers Here." He believes Intuitive's momentum is "very strong" and remains a buyer of the shares. This "high quality franchise" needs to be owned in portfolios as surgeries shift from open to robotic, McKim contends. He keeps an Overweight rating on Intuitive Surgical with a $625 price target. The stock in midday trading is up 6%, or $30.89, to $513.88.