Canaccord Genuity analysts lowered their rating on Intuitive Surgical (ISRG) - Get Report to "hold" from "buy" on Tuesday morning. The firm has set a price target of $870 on the advanced medical equipment and technology company's stock.
The firm believes that current valuation is overvaluing the company's fundamentals, the pipeline's near to medium term perspective contribution to the P&L, and the potential upside to management's typically conservative guidance.
"Moreover, we do not think the stock would benignly endure a micro or macro hiccup or change in sentiment, either of which could rerate the multiple materially lower, in our view," Canaccord said in a note.
Shares of Intuitive Surgical were trading in the red on Tuesday morning.
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