“Intuitive continues to maintain its robotic surgery leadership position and the approval of Da Vinci 5 solidifies that this will not change anytime soon... We anticipate Da Vinci Xi demand will hold strong in the interim as customers await the commercial launch of da Vinci 5, benefiting from improving utilization and procedure volume trends in the near-term.”

 “While not necessarily expected in 2Q, there is also opportunity for ‘self-help’.”

 “The company appears to be at an inflection point which is driving share price performance over the last ~18 months. We expect this momentum to sustain.”

 “In our view the gap between perceived vs. real risk should narrow as the Street gains better visibility into the core earnings trajectory, thereby driving a re-rating higher in the stock.”

 “A positive inflection in volumes should support low valuation and potentially drive rotation from other consumer staples sub-sectors (Beverages/Household Personal Care) as investors chase underperforming food names.”