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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