By Christiana Sciaudone
Investing.com -- Butterfly Network, Inc (NYSE:BFLY) rose 4% after getting a buy-equivalent rating from Cowen.
Analyst Joshua Jennings initiated coverage on the stock with a price target of $20, StreetInsider reported.
"We believe BFLY can transform health care delivery by successfully equipping health care providers and chronically ill patients with personal ultrasound devices," the analyst wrote in a note. "Democratizing access to advanced medical imaging should build clinical, societal, and shareholder value. We forecast strong Butterfly iQ adoption and recurring SaaS sales driving a 60%+ revenue CAGR. Initiate at Outperform with a $20 PT."
The company makes a handheld ultrasound device and reported first quarter revenue of $12.4 million, compared to $8.7 million a year earlier.
Butterfly Network is expanding into cosmetic surgery and veterinary imaging. It provided guidance of up to $80 million in revenue for the full year.