Canaccord analyst Jason Mills is out today with a bullish research note on Intuitive Surgical, Inc. (NASDAQ:ISRG), cheering the company’s strong second-quarter results. However, while Mills raised his price target for ISRG from $870 to $1,000, the analyst keeps his rating at Hold. (To watch Mills’ track record, click here)

Mills explained, “ISRG delivered another stellar quarter, with robust procedure volume growth once again on display (+16% in Q2). The business continues to fire on all cylinders, which has never been our issue with the company, as we think ISRG possesses strong underlying fundamentals and a robust product pipeline (e.g., Sp platform, catheter robotics, and advanced imaging technologies). At current valuations, however, and as we opined on in our recent downgrade note, we think you’re already paying for current fundamentals and contribution from this pipeline through at least 2018. Beyond that, competition from Medtronic seems likely to be part of the ISRG storyline.”

Out of the 12 analysts polled in the past 12 months, 7 are bullish on Intuitive Surgical shares, 4 are neutral, and only 1 is bearish. With a downside potential of 2%, the stock’s consensus target price stands at $930.