Leerink analyst Richard Newitter raised his price target for Intuitive Surgical shares to $1,080 and reiterates an Outperform rating on the shares. The maker of da Vinci Surgical Systems closed Monday down $13.71 to $921.66.

Following a "deep dive" into his model for the company, the analyst raised his 2017-2020 revenue and earnings estimates. New system product cycles, Sp and X in 2018 and the flexible catheter robotics platform in 2019, have potential to "spark accelerating system placements and to fuel a next leg of growth" into Intuitive Surgical's out-years, Newitter tells investors in a research note. He now has higher conviction in the company's ability to sustain mid-teens sales growth and to deliver upside to consensus forecasts.