Analyst Josh Jennings from TD Cowen maintained a Buy rating on Butterfly Network and keeping the price target at $3.50.
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Josh Jennings has given his Buy rating due to a combination of factors that highlight Butterfly Network’s strong financial performance and strategic progress. The company reported a 5% revenue increase, building on last year’s significant growth, and managed to meet both revenue and EBITDA guidance while surpassing market expectations. This performance, despite challenging macroeconomic conditions, demonstrates the company’s resilience and effective management.
Butterfly Network’s ability to maintain its full-year sales guidance and improve its EBITDA loss guidance further underscores its positive trajectory. The company’s revenue growth was driven by increased product volumes and higher international price points, particularly with the successful launch of the iQ3 product. Additionally, the company achieved a record low in cash burn, reflecting improved operational efficiency. These factors collectively support Jennings’s optimistic outlook and Buy rating for the stock.
In another report released today, Lake Street also reiterated a Buy rating on the stock with a $4.00 price target.
Based on the recent corporate insider activity of 28 insiders, corporate insider sentiment is neutral on the stock.