Intuitive Surgical

ISRG · NASDAQ

$438.00+$4.82 (+1.11%)TodayMarket closed · Oct 20, 7:59 PM ET

Prev close $433.18

ISRG analyst rating

BuyConsensus of 27 analysts over the last 12 months. 81% rate it a buy.

Strong buy0
Buy22
Hold5
Underperform0
Sell0

12-month price target · 33 analysts

Average $490.39 (+12.0% upside)

Low: $327.24
Now: $438.00
High: $719.25

Upgrades and downgrades

The latest rating actions, newest first

ISRG analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
BTIG	Oct 12, 2026	Maintains	Buy	$469.00 → $454.00	48%
Barclays	Oct 7, 2026	Initiates	Overweight	$485.00	68%
BTIG	Sep 8, 2026	Maintains	Buy	$469.00	48%
Oppenheimer	Aug 12, 2026	Upgrade	Perform → Outperform	$500.00	44%
HSBC	Jul 30, 2026	Downgrade	Buy → Hold	$931.00	38%
UBS	Jul 28, 2026	Initiates	Neutral → Buy	$550.00 → $500.00	43%
Raymond James	Jul 17, 2026	Maintains	Outperform	$577.00 → $483.00	54%
Piper Sandler	Jul 17, 2026	Maintains	Overweight	$580.00 → $470.00	51%
JP Morgan	Jul 17, 2026	Maintains	Overweight	$550.00 → $450.00	56%
Mizuho	Jul 17, 2026	Maintains	Neutral	$500.00 → $400.00	56%

The case for and against

Updated Oct 15, 2026

Bull case

Intuitive Surgical is well positioned by its dominant da Vinci ecosystem, with more than 11,000 systems placed worldwide, over 6,600 in the US, and +16MM procedures performed, creating a powerful installed-base flywheel for instruments, accessories, and services. Its Q2'26 results reinforced that strength, as revenue rose to $2.89B, EPS reached $2.80, gross margin was 70.0%, and operating margin was about 42%, while 468 gross placements and 12% installed-base growth showed durable demand despite near-term U.S. procedure moderation. The company’s leadership in a high-barrier market, expanding global adoption, strong leasing support, and product innovation across da Vinci 5, XiR, SP, and ION should sustain double-digit growth and reinforce its competitive moat.

Bear case

Intuitive Surgical is facing a weakening fundamental setup as its premium valuation has deteriorated amid increased competition, capital spending pressure, and limited procedure growth, while U.S. da Vinci volume growth slowed to 12% y/y in Q2'26 from 14% in Q1'26. The company’s FY26 model still implies $11.719B of revenue and $10.73 of adj. EPS, but rising operating expenses, lower ASP assumptions, and a tougher procedural environment suggest margins and earnings momentum are becoming harder to sustain. In addition, bearish scenarios point to GLP-1 pressure in bariatrics, potential trade-in cycle slowdowns, and a FY27 gross headwind of about $650-675mn, reinforcing downside risk to organic growth.

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