Today's most important initiations

Oppenheimer initiated coverage on Butterfly Network (NYSE: BFLY) with an Outperform rating and a price target of $4.50. According to the analysts, their rating is a balancing act between three key factors: (1) long-term competitive advantages embedded in the core technology; initially in POCUS and ultimately in diagnostics, (2) a good executive team, and (3) a business strategy in transition which will take time to yield dividends.

Wells Fargo initiated coverage on Xenon Pharmaceuticals (NASDAQ: XENE) with an Overweight rating and a price target of $50.00, as it sees an upside with depression (MDD) data in 2023 for this otherwise de-risked epilepsy company. Shares surged more than 4% today.

Morgan Stanley resumed coverage on Unity Software (NYSE: U) with an Equalweight rating and a price target of $27.50, as it sees a balanced risk-reward from here. According to the analysts, strong continued momentum in the Create graphics engine business seems likely to be offset by Operate/advertising weakness in the near term.

Jefferies assumed coverage on NIO (NYSE: NIO) with a Buy rating and a price target of $11.27.

By Davit Kirakosyan

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