Butterfly Network

BFLY · NYSE

$7.31−$0.16 (−2.14%)TodayMarket closed · Oct 20, 7:53 PM ET

Prev close $7.47

BFLY analyst rating

BuyConsensus of 6 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy6
Hold0
Underperform0
Sell0

12-month price target · 8 analysts

Average $11.39 (+55.8% upside)

Low: $10.10
Now: $7.31
High: $15.75

Upgrades and downgrades

The latest rating actions, newest first

BFLY analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Canaccord Genuity	Oct 12, 2026	Initiates	Buy	$10.00	44%
Evercore ISI Group	Sep 29, 2026	Initiates	Outperform	$15.00	61%
Needham	Sep 22, 2026	Initiates	Buy	$10.00	39%
TD Cowen	Sep 11, 2026	Maintains	Buy	$10.00	48%
Freedom Broker	Mar 2, 2026	Maintains	Buy	$5.00 → $5.50	45%
TD Cowen	Feb 27, 2026	Maintains	Buy	$4.50 → $6.00	48%
Lake Street	Jan 20, 2026	Maintains	Buy	$4.00 → $5.50	41%
Freedom Broker	Dec 31, 2025	Initiates	Buy	$5.00	45%

The case for and against

Updated Oct 15, 2026

Bull case

Butterfly Network is supported by a differentiated cMUT-based Ultrasound-on-Chip platform that enables whole-body imaging from a single handheld probe at lower cost than traditional cart systems, strengthening its position in the fast-growing point-of-care ultrasound market. Its Embedded model adds a second engine of growth, with 12 partnerships, 33% of total sales in 2Q26, and high-margin revenue streams from license fees, chip sales, and future royalties that could scale materially over time. Additional upside comes from the next-gen iQ launch in 1Q27 and Garden applications that could add about 8% to 2027 growth, while gross margin has already improved from the mid-50%s in 2022 to the mid-60%s in 2025.

Bear case

Butterfly Network is vulnerable to slowing growth as it begins to lap tougher comps in 2H26 and again after the 4Q25 Midjourney partnership milestone, raising the risk that revenue beats become harder to deliver and that its valuation multiple contracts if growth disappoints. The bear case hinges on Embedded partnerships taking longer to commercialize, which would stall operating expense leverage and delay the expected profitability ramp, leaving value overly dependent on long-term projects rather than near-term execution. Added risks include global competition, regulatory or launch delays, reimbursement and supplier issues, customer concentration, and manufacturing and pricing pressure, all of which could weaken revenue contribution and margin improvement.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.