Analyst Ryan Zimmerman of BTIG maintained a Buy rating on Spectral AI (MDAI – Research Report), with a price target of $3.00.
Ryan Zimmerman has given his Buy rating due to a combination of factors including Spectral AI’s steady progress towards key regulatory and commercial milestones. The company has reported higher-than-expected revenue for the fourth quarter of 2024, which indicates strong performance despite a larger-than-anticipated loss per share. Spectral AI is on track to submit its DeepView system for FDA approval by the second quarter of 2025, with an expected approval in early fiscal year 2026.
Furthermore, the company is actively gathering clinical feedback from its systems deployed in the UK and Australia, which supports its future commercialization efforts. Spectral AI’s financial position is bolstered by a substantial BARDA contract and a recent increase in cash reserves, which are expected to support ongoing operations. The anticipated spin-off of its IP subsidiary and the development of a miniaturized version of DeepView for military and other applications also contribute to the positive outlook. These factors collectively suggest potential for significant value increase in the company’s shares as milestones are achieved.
Zimmerman covers the Healthcare sector, focusing on stocks such as Globus Medical, Staar Surgical, and Glaukos. According to TipRanks, Zimmerman has an average return of -2.5% and a 42.54% success rate on recommended stocks.
In another report released on March 18, H.C. Wainwright also reiterated a Buy rating on the stock with a $3.50 price target.