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Word on the Street

Analyst Actions: Intuitive Surgical, Micros Systems

Word on the Street January 8, 2009, 12:00PM EST

Analyst Actions: Intuitive Surgical, Micros Systems


Needham analyst Ed Shenkan says he is cutting Intuitive Surgical (ISRG) to hold from buy as fourth quarter revenue guidance reflected lower-than-expected-systems and instruments.

Shenken notes results were far below his worst case scenario; instrument revenues were negatively impacted by pricing. He is concerned the credit crunch will impact OUS system sales and U.S. hospital purchasing throughout 2009. Also, he's concerned that average selling price declines for instruments may continue.

He cuts his 2009 view to $4.89 EPS on $1.0 billion revenue from $6.72 EPS on $1.2 billion revenue. He now sees $5.66 2010 EPS.


Wedbush Morgan analyst Gil Luria says he believes Micros Systems (MCRS) is a well-managed and strong market leader that will emerge from the current economic slowdown even stronger. But he also thinks, given the poor and worsening state of its end markets, MCRS's organic growth will fall below expectation.

Luria notes that checks indicate U.S. restaurant end markets still worsening, restaurant openings continue to be lowered, and relevant economic indicators also pointing down.

He cuts $1.35 fiscal year 2009 (June) EPS view to $1.25 and $1.49 fiscal year 2010 to $1.23. He lowers $19 price target to $12.

All of the views expressed in this research report accurately reflect the research analyst's personal views regarding any and all of the subject securities or issuers. No part of analyst compensation was, is or will be, directly or indirectly related to the specific recommendations or views expressed in this research report. Standard & Poor's Regulatory Disclosure

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