Andrew Brackmann, an analyst from William Blair, has initiated a new Buy rating on Butterfly Network (BFLY).
Andrew Brackmann has given his Buy rating due to a combination of factors that highlight Butterfly Network’s promising growth potential. The company is at the forefront of the digital ultrasound market with its innovative Ultrasound-on-Chip technology, which is expanding access to imaging and broadening its total addressable market. This technology positions Butterfly Network to capitalize on growth opportunities in both point-of-care and hospital markets, suggesting that the stock could appreciate significantly if the company meets its growth objectives.
Moreover, the company’s core business is poised for approximately 20% growth in the near to intermediate term, supported by successful engagements with health systems and individual users, as well as international expansion. Additionally, Butterfly Network’s commitment to developing a homecare business focused on chronic patient care, alongside its subsidiary Octiv’s exploration of new applications for its technology, presents further avenues for substantial growth. These strategic initiatives, combined with a valuation that aligns with high-growth peers, underpin Brackmann’s optimistic outlook for the stock.
In another report released on March 3, Lake Street also maintained a Buy rating on the stock with a $5.00 price target.
Based on the recent corporate insider activity of 36 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of BFLY in relation to earlier this year.