In a report released today, Josh Jennings from TD Cowen maintained a Buy rating on Butterfly Network (BFLY – Research Report), with a price target of $3.00.
Josh Jennings has given his Buy rating due to a combination of factors surrounding the recent developments and growth prospects of Butterfly Network. Jennings is optimistic about the company’s timely execution of its product roadmap, particularly noting the successful launch of the iQ+ Bladder in the U.S. market. This product release signifies Butterfly Network’s first venture from its specialty product portfolio. The anticipation is that the additional revenue generated by this new offering will enable the company to achieve its projected annual revenue growth of 15% to 20%. This growth is seen as an affirmation of the company’s strategic direction and the scalability of its innovative offerings.
Additionally, Jennings emphasizes the adaptive use of Butterfly Network’s proprietary Ultrasound-on-Chip technology, which is integral to iQ+ Bladder. This technology underpins the expansion into specialized ultrasound market segments, including bladder scanning solutions. The product bundle, which includes a purpose-built probe, user-friendly software, a tablet, and a compact cart, is designed to streamline bladder volume measurements with rapid 3D visualizations. Jennings believes that the efficiency and ease of use of the iQ+ Bladder system position it as a compelling option in a healthcare landscape that increasingly values cost-effective and dependable diagnostic tools. The analyst sees this as a key competitive edge that could drive widespread adoption and bolster the company’s financial performance.
According to TipRanks, Jennings is a 5-star analyst with an average return of 8.0% and a 53.11% success rate. Jennings covers the Healthcare sector, focusing on stocks such as Establishment Labs Holdings, TransMedics Group, and Alphatec Holdings.
In another report released on May 2, Oppenheimer also maintained a Buy rating on the stock with a $3.75 price target.
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Butterfly Network (BFLY) Company Description:
Longview Acquisition Corp is a blank check company.
Read More on BFLY:
- Butterfly Network sees FY24 revenue $75M-$80M, two estimates $72.85M
- Butterfly Network reports Q1 adjusted EPS (7c), consensus (12c)
- ThinkSono announces release of ThinkSono AI Training
- Butterfly Network attains EU MDR certificate for Butterfly iQ+
- Butterfly Network looks to be cash flow breakeven by the end of 2027
