Cantor Fitzgerald analyst Craig Bijou raised his price target for Intuitive Surgical (ISRG) to $620 from $510 following last night's Q2 results. The stock in premarket trading is up 3%, or $17.71, to $539.00.

Quarter after quarter, Intuitive continues to justify its premium valuation, again significantly beating on all metrics, including sales and earnings, Bijou tells investors in a post-earnings research note. He notes the company posted 18% procedure growth for Q2, one of the strongest quarterly procedure growth figures year-over-year in the last five years. The analyst believes surgical robotics "remains at an early stage" and that Intuitive Surgical will drive adoption with its existing platforms and pipeline products.

Bijou reiterates an Overweight rating on the shares.