UPDATE: Collins Stewart Raises PT to $515 on Intuitive Surgical, Reiterates Buy

Collins Stewart maintains its Buy rating on Intuitive Surgical (NASDAQ: ISRG) and increases its price target to $515 from $475 as they believe shares will move higher after taking a temporary breather.

Collins Stewart says, "With ISRG's stock price hovering around its all-time high, we are not surprised to see the shares trade lower in the after market in reaction to the reported procedure growth. Despite this, we remain bullish on the stock given that we believe penetration of the current da Vinci opportunity remains low (18% on procedures; 32% on systems), which should allow the company to continue growing at rates that are significantly higher than the rest of large cap MedTech."

ISRG closed at $474.65 per share on Thursday.