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Monday October 17, 2011
5-star funds buy Intuitive Surgical
by Leo Fasciocco, editor Ticker Tape Digest We anticipate a technical breakout Intuitive Surgical (IRSG); we would buy on a move above $408, with the expectation of a continued rise to $450. Intuitive Surgical produces the da Vinci Surgical System, which seamlessly translates the surgeon's natural hand movements on instrument controls. This moves correspond with micro-movements of instruments positioned positioned inside the patient through small puncture incisions, or ports. Technically, the stock is pushing towards a breakout from a 13-week, double bottom. To complete this breakout formation, it will be important for ISRG's stock to rally to near 400 and the firm in price. We also see the chance for a stock split, which could push the issue higher. Net for the upcoming third quarter is expected to be strong. Profits are expected to jump 29% to $2.76 a share from $2.14 a year ago. The highest estimate on the Street is at $2.89 a share. We see very good chances for an upside surprise with earnings. The past three quarters, ISRG topped the consensus estimate by 20 cents a share, 10 cents and 76 cents. The accumulation - distribution line took a drop during the summer but has now reversed to the upside. That shows that buyers are coming back Meanwhile, institutional sponsorship for the stock is excellent. Several top rated 5-star funds have been recent buyers. Fidelity Contrafund purchased 59,800 shares, Wells Fargo Advantage Growth Fund 66,000 shares and Artisan Mid Cap Fund 23,696 shares. Learn more about this financial newsletter at Leo Fasciocco's Ticker Tape Digest. 
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