Intuitive Surgical: Stock Up Ahead of Quarterly Report

Shares of Intuitive Surgical (NASDAQ:ISRG) closed higher 3.63 percent higher on Monday, one day before the company is to release its fiscal third-quarter earnings report. The jump is attributable in part to JPMorgan upgrading Intuitive Surgical’s stock to Outperform.

The upgrade came in spite of a recent downturn in domestic prostate surgeries, which the firm believes can be more than made up for by increased opportunities in other cancer areas.

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“We find the risk/reward increasingly compelling, in light of the meaningful opportunities emerging in partial nephrectomy, cholecystectomy, colorectal surgery, and other areas – which, collectively, should more than offset the [prostate surgery] softness and drive upside to Street estimates for the next several years,” said JPMorgan analyst Tycho Peterson.

The firm raised earnings per share estimates for the 2012 fiscal year to $14.85 per share, up from $11.57. Intuitive Surgical’s third quarter earnings will be released on Tuesday.

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