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Fly News Breaks for January 24, 2020
Jan 24, 2020 | 05:20 EDT
Piper Sandler analyst Adam Maeder keeps an Overweight rating on Intuitive Surgical with a $633 price target following the company's Q4 results. While investors may have been "somewhat surprised and disappointed" with some of the forward-looking commentary on the call, Intuitive made it clear that the landscape is expected to change some and the company is adapting to solidify its leadership for the longer-term, Maeder tells investors in a post-earnings research note. The company's 2020 operating expenditure growth outlook of 15%-20% is slightly above what the Street was anticipating, and when combined with its other guidance nets adjusted earnings in the low-single-digit growth range, adds the analyst. Despite "the apparent down year" for earnings growth, Maeder continues to believe Intuitive Surgical is well positioned to drive robust sales growth. He also believes the company's 2020 procedure growth guidance "looks very achievable."
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