** Surgical robot maker's shares up 3% at $984 premarket, set to hit a record high after several brokerages hike PTs on the back of better-than-expected Q2 results
** Co reports Q2 adj EPS of $3.92 on rev of $1.46 bln vs analysts' estimates for EPS of $3.06 on rev of $1.26 bln, as per Refinitiv IBES data
** Results reflected demand for high-quality minimally invasive procedures, as well as a return to surgeries deferred during the pandemic - CEO Gary Guthart says in a statement
** Co raises FY gross profit margin forecast to 70.5%-71.5% of revenue from previous estimate of 70%-71%
** Bernstein raises PT to Street high of $1,130, saying ISRG remains "the most convincing long-term growth story"
** "The TAM (total addressable market) is massive, penetration is very low, and factors may be lining up to make the 2020s a decade of very strong market growth for robotic surgery," Bernstein analysts add
** Wells Fargo ups PT to $1,060, saying valuation should begin to look more reasonable as the pandemic subsides and as initiatives to improve performance drive further upside to estimates
** Anlaysts' median PT is $977.50; avg rating on the stock is "hold"
** Stock up 16.7% YTD
(Reporting by Sruthi Shankar)
