Butterfly Network price target raised to $3.25 from $2 at Craig-Hallum

Craig-Hallum analyst Chase Knickerbocker raised the firm’s price target on Butterfly Network (BFLY) to $3.25 from $2 and keeps a Buy rating on the shares following Q3 results, which came in largely in-line as the company continues to work through macroeconomic headwinds impacting hospital purchasing decisions. Revenue of $21.5M and adjusted EBITDA of ($8.1M) both beat consensus expectations, and management reiterated FY25 guidance, signaling confidence in a sequential pick-up for Q4 as pipeline activity improves and year-end capital cycles approach, Craig-Hallum adds.