Bill Sutherland, an analyst from Benchmark Co., reiterated the Buy rating on HeartBeam. The associated price target remains the same with $8.00.
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Bill Sutherland has given his Buy rating due to a combination of factors that highlight HeartBeam’s promising future. The company is on the verge of obtaining a second 510(k) clearance, which will enable the launch of its innovative at-home arrhythmia assessment system. This system, which provides clinical-grade ECG accuracy, is set to revolutionize cardiac care by offering a convenient and reliable option for patients.
Furthermore, HeartBeam’s strategic partnership with HeartNexus enhances its service offering by providing 24/7 access to cardiology assessments, thereby expanding its market reach. The company’s financial model projects a high margin on recurring revenue, and with plans to penetrate key regions, it aims to achieve cash flow break-even. These strategic developments, coupled with a strong market opportunity in concierge cardiology practices, underpin Sutherland’s optimistic outlook and justify the Buy rating.
In another report released on November 14, Roth MKM also reiterated a Buy rating on the stock with a $4.00 price target.