TD Cowen initiated coverage of Intuitive Surgical (NASDAQ:ISRG) on Monday, assigning a Buy rating and a $660.00 price target. At the time cited, the target implies about 25% upside from a quoted share price of $528.82, and the array of analyst targets for the stock spans from $378 to $750.
The research note frames Intuitive as a foundational MedTech holding with several procedural growth avenues that can sustain expansion. That outlook aligns with the company’s most recent trailing-twelve-month results, which show revenue rising 20.5% to $10.06 billion.
Central to TD Cowen’s thesis is an anticipated ripple effect from a DaVinci 5 (DV5) product cycle. The firm expects the DV5 introduction to be a material growth driver for the surgical robotics franchise. Supporting that view, proprietary survey work conducted by the research team among heads of large robotic programs indicated continued fleet additions and procedure-volume growth for Intuitive.
Survey respondents also signaled expectations that Intuitive will hold its dominant market position despite the entry of early and emerging competitors in surgical robotics.
Third-party data included by the firm shows Intuitive Surgical carrying a "GREAT" financial health score, although the stock is noted as trading above what the data labels as its Fair Value.
Recent company results add context to the analyst activity. Intuitive reported fourth-quarter 2025 revenue of $2.87 billion, a 19% increase year-over-year and above both Stifel and consensus estimates of $2.72 billion. The company’s earnings per share surpassed expectations as well, a performance Truist Securities highlighted as a sizeable upside.
Looking to 2026, Intuitive provided gross margin guidance that implies a 90 basis point improvement year-over-year, even while acknowledging roughly a 1% incremental tariff headwind. Margin strength has been a recurring theme: Piper Sandler raised its price target to $620 and pointed to gross margins at 67.8% and operating margins at 37.4%, both of which topped consensus expectations.
Other recent analyst actions reflect a broadly favorable stance: Freedom Capital Markets upgraded Intuitive to Buy, citing optimism around the da Vinci 5 rollout and its potential to lift sales and procedure volumes through 2026. Stifel reiterated a Buy rating with a $670 target. Truist Securities maintained a Buy rating, and RBC Capital continued to carry an Outperform rating.
The constellation of analyst moves, company earnings beats, margin guidance and proprietary survey results form the factual basis for TD Cowen’s Buy initiation and target placement.