Wolfe Med Tools: Early Dx of Conflicting Procedure Laterals & Vibes from HCA, JNJ, ABT, & ISRG

Research evidence excerpt

Wolfe Med Tools: Early Dx of Conflicting Procedure Laterals & Vibes from HCA, JNJ, ABT, & ISRG

July 22, 2026

Company: Fundamental Valuation Methodology:

Abbott Laboratories Our fair value range is derived using a multiple on 2027 adjusted EPS. We sanity

check this simplistic P/E approach with long-term DCF modeling and a short-run

EV/EBITDA framework.

Intuitive Surgical, Inc. Our fair value range is derived using multiples on adjusted EPS. We sanity check

this simplistic P/E approach with long-term DCF modeling.

Wolfe Research, LLC Fundamental Recommendation, Rating and Target Price Risks:

Company: Risks That May Impede Achievement of the Recommendation, Rating or Target

Price:

Abbott Laboratories Downside risks to the Peer Perform rating include share loss in medical device

segment, pension accounting tailwind abating, further disruption to nutrition

segment, labor shortages constraining hospital procedure volumes, GLP1 disruption

risk in CGM, and failure of clinical trials for pipeline projects. Upside risks to the Peer

Perform rating include EXAS acquisition cost synergy upside versus what looks like

a low target & better-than-expected Libre performance and share gains.

Intuitive Surgical, Inc. Upside risks to the Peer Perform rating include tariff de-escalation, developmental/

regulatory delays at key prospective competitors, upside procedure volume, better

than expected margin performance, and the new multi-port system driving upside

to systems revenue performance. Downside risks to the Peer Perform rating

include tariff escalation, increased competition impacting share dynamics and/or

pricing, downward pressure on hospital capital spending, supply chain bottlenecks

especially as DV5 production scales, and lower bariatric procedure volume with

GLP1 uptake.