Butterfly Network price target raised to $5 from $3.75 at Oppenheimer

Oppenheimer raised the firm’s price target on Butterfly Network (BFLY) to $5 from $3.75 and keeps an Outperform rating on the shares. The firm says that it recently caught up with management at a conference, and came back buoyed on the tactical/strategic elements being put in place for long-term growth. One particular strategic endeavor, which Oppenheimer did not fully appreciate before, caught its attention. The shift from just selling ultrasound hand pieces to an outcomes-based disease-management service provider could be an interesting hybridization for Butterfly, with significant upside revenue opportunity, and the ability to cross-fertilize across settings, the firm adds.