Craig-Hallum bullish on Butterfly Network, initiates with a Buy

As previously reported, Craig-Hallum analyst Chase Knickerbocker initiated coverage of Butterfly Network (BFLY) with a Buy rating and $3 price target Butterfly stands out in the point-of-care ultrasound space by delivering rare chip-based imaging technology which replaces traditional piezoelectric lead crystals, enabling a single probe to perform multiple functions. This semiconductor-based approach allows for rapid software updates and scalable image quality enhancements, which most handheld competitors cannot match, the firm notes. With a strong DTC channel and institutional partnerships underway, Craig-Hallum sees sustainable 20%-plus growth across hardware and software.