While acting on panic never helps investors, it's still a good idea to play devil's advocate with investments.

Consider robotic-surgery system maker Intuitive Surgical (Nasdaq: ISRG). Though the company is growing rapidly in a recession-resistant market, you'll find a few of the 3,780 Motley Fool CAPS members weighing in on the company offering reasons to be bearish.

Here at The Motley Fool, we like to consider both the good and bad sides of an investment. After you read this article highlighting three of the main bearish arguments on Intuitive Surgical, be sure to read the bullish side as well. Then weigh in with your comments below or rate Intuitive Surgical in CAPS.                                           

1. Overvalued
While many CAPS members like Intuitive Surgical's strong fundamentals and growth potential, a good many also think its shares are overvalued. More diversified companies with medical equipment sales, such as Johnson & Johnson (NYSE: JNJ) and Medtronic (NYSE: MDT), have recently posted strong quarterly earnings growth, but trade for much lower earnings multiples, and some investors are simply waiting for a better price for Intuitive Surgical.

2. Health-care changes
Some investors see added risk among medical device and drug companies because of potential changes from the new health-care law. Drug companies with big U.S. exposure, such as Eli Lilly (NYSE: LLY) and Bristol-Myers Squibb (NYSE: BMY), expect reform to reduce earnings this year. It's still early to quantify the effects, and some investors are shying away from companies with expensive medical equipment until they get a clearer picture.

3. Global slowdown
Hospital spending has shown some improvement in the U.S.; companies such as medical-device maker Cepheid (Nasdaq: CPHD) posted higher quarterly sales and surgical-equipment maker Stryker (NYSE: SYK) saw business stabilize in its recent quarter. Despite Intuitive Surgical's sales growth, some investors remain skeptical of its ability to grow fast enough to justify its current valuation as slow adoption in Japan and economic troubles in Europe impact business.

To see details of what CAPS members are saying now about Intuitive Surgical, just click on over to Motley Fool CAPS and have a look, or add your thoughts directly to this story in the comments box below.

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Fool contributor Dave Mock  votes 3 to be the number of the day. He owns shares of Johnson & Johnson, which is an Income Investor pick. Stryker is an Inside Value pick. Intuitive Surgical is a Rule Breakers choice. The Fool owns shares of and has written puts on Medtronic. Motley Fool Options has recommended a buy calls position on Johnson & Johnson. The Fool owns shares of Stryker. The Fool's disclosure policy quacks like a duck, but isn't a duck.