Butterfly Network (BFLY – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Neil Chatterji from B.Riley Financial remains neutral on the stock and has a $3.50 price target.
Neil Chatterji has provided a Buy rating for Butterfly Network due to several reasons. He perceives that the company has a unique position to expand beyond the conventional POCUS (Point of Care Ultrasound) to serve adjacent markets and home care. Chatterji emphasizes Butterfly Network’s competitive edge in the Ultrasound-on-Chip technology field, which is more cost-effective and versatile compared to its competitors, such as GEHC and Exo. He also notes that the company’s recent partnership with Forest Neurotech to develop brain-computer interfaces using Butterfly’s technology signifies its potential to grow in diverse markets.
Furthermore, Chatterji sees promising growth opportunities for Butterfly Network in the home care and remote monitoring sectors. He expects strong sales growth in the coming years, largely driven by the next-generation i3 probe launching in ’24. He also highlights the potential multi-billion-dollar market for BCI technologies, driven by an aging population and a rise in neurodegenerative conditions. The recently announced co-development deal with Forest Neurotech, which includes significant payments to Butterfly, further supports Chatterji’s positive outlook for the company. All these factors contribute to his Buy rating, despite a reduction in the price target from $4 to $3.5 due to more conservative estimates and peer multiple revision.
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Based on the recent corporate insider activity of 30 insiders, corporate insider sentiment is neutral on the stock.
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Butterfly Network (BFLY) Company Description:
Longview Acquisition Corp is a blank check company.
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