Oppenheimer is very cautious on Intuitive Surgical (NASDAQ:ISRG) saying that while they expect 4Q results to once again exceed estimates, they believe 2008 sales guidance will fall slightly below Street. While history would teach us that ISRG guidance is always conservative, the firm believes upside to estimates in 2008 (while existent) will be much more limited than in years past, held back mainly by slowing US system placement growth and lack of upside from dVH. With less upside to estimates, they feel valuation will be called into question and the stock will be pressured from current levels. Firm would be cautious on the name in 2008.
Notablecalls: These comments can and likely will hurt ISRG stock.