Intuitive Surgical shares slide as analysts cut ISRG price targets after 14.5% da Vinci growth outlook

Intuitive Surgical (ISRG) fell after its earnings report as the company trimmed its 2024 outlook for da Vinci procedure growth to 14.5%, the midpoint of its prior guidance range. Investors also focused on concerns that changes in Affordable Care Act exchange coverage could weigh on elective procedure volumes. Several major banks lowered their price targets, including Citi to $500, JPMorgan to $450, Mizuho to $400 and Bernstein to $685. The stock is down about 40% from its year-to-date high, while Wall Street’s consensus rating remains “Moderate Buy” with an average target of $558.