Oppenheimer downgrades Butterfly Network after outlook cut

Oppenheimer downgraded Butterfly Network (BFLY) to Perform from Outperform following the Q2 report. The stock in afternoon trading is down 13% to $1.50. The company reduced its fiscal 2025 due to extended sales cycles amid funding and macro uncertainty, which management expects to persist through year-end, the analyst tells investors in a research note. The firm sees execution risk along with “lackluster” growth and moved to the sidelines pending greater confidence in Butterfly’s growth prospects.