Butterfly Network initiated with a Neutral at UBS

In a sector note on U.S. Medical Supplies and Devices, UBS analyst Danielle Antalffy initiated coverage of Butterfly Network with a Neutral rating and $2.25 price target. UBS believes Butterfly will deliver a ~20% five-year sales CAGR through 2027, but isn’t modeling Butterfly reaching EBITDA profitability until 2H27 and generating negative free cash flow every year through the end of 2027, the analyst tells investors in a research note.