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Fly News Breaks for January 24, 2020
ISRG
Jan 24, 2020 | 07:33 EDT
Cantor Fitzgerald analyst Craig Bijou views Intuitive Surgical's reiterated procedure growth guidance of 13%-16% as likely conservative. The company plans to reinvest in the business again this year and expects geographic and product mix to create headwinds on the gross margin and tax rate, says the analyst, who thinks this will likely bring down 2020 earnings estimates across the Street. While management's profitability commentary could negatively affect the stock in near term, Intuitive has significantly outperformed initial Street revenue and earnings estimates in each of the last three years, Bijou tells investors in a post-earnings research note. He believes the company's momentum should continue with the further launch of several new products/platforms. The analyst keeps an Overweight rating on the shares with a $690 price target.
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