What happened Shares of Butterfly Network (NYSE: BFLY) have flown higher today, up by 10% as of 12:40 p.m. EDT, after getting a bullish initiation from Wall Street. Cowen started coverage of the healthcare company with an outperform rating (equivalent to a buy). So what Analyst Joshua Jennings assigned Butterfly Network an outperform rating alongside a price target of $20, representing approximately 43% upside from Friday's closing price. Butterfly Network sells its Butterfly iQ+, a handheld ultrasound device, that works with a mobile app. Healthcare providers pay a subscription fee to use the software platform. Butterfly iQ+ and the accompanying app. Image source: Butterfly Network. "We believe [Butterfly Network] can transform healthcare delivery by successfully equipping healthcare providers and chronically ill patients with personal ultrasound devices," Jennings wrote in a research note to investors. "Democratizing access to advanced medical imaging should build clinical, societal, and shareholder value." Now what Jennings is forecasting strong adoption of Butterfly iQ and believes that recurring software-as-a-service (SaaS) revenue can grow at a compound annual growth rate (CAGR) of 60%. Jennings is the first major Wall Street analyst to cover Butterfly Network. The company reported fiscal first-quarter results last month, which disappointed investors. Butterfly Network's guidance called for 2021 revenue in the range of $76 million to $80 million, which should result in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of negative $140 million to negative $160 million. Net loss for the year is expected to be $135 million to $155 million. 10 stocks we like better than Butterfly Network, Inc.When our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They just revealed what they believe are the ten best stocks for investors to buy right now... and Butterfly Network, Inc. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of June 7, 2021 Evan Niu, CFA has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source