Intuitive Surgical upgraded to buy at Citi strong Q4 2021 results, share pullback
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Citi has upgraded Intuitive Surgical (ISRG
-5.1%) to buy from neutral after the company beat Q4 2021 earnings estimates yesterday.
The firm has a price target of $360 (~23% upside based on yesterday's close).
Analyst Joanne Wuensch writes that although shares have declined recently as procedures were impacted in December and so far this month by COVID-19, its plans for 2022 and the future are "in focus."
For this year, the company expects procedures to be up 11%-15%. The lower end, Wuensch ends, assumes continued COVID-19 disruptions, while the higher end assumes no additional COVID waves or significant supply chain interruptions.
Intuitive shares are struggling this morning as other analysts expressed concern with the ongoing impact of COVID on the company.