D. Boral Capital initiated coverage of QT Imaging (NASDAQ: QTI) with a Buy rating and a $9 price target in an Oct. 23, 2026, research report titled “Beyond the Mammogram.” The move signals growing analyst confidence in the medical technology company’s advanced breast imaging solutions, particularly its Breast Acoustic CT™ Scanner, which produces three-dimensional images without radiation, breast compression or contrast injections.
Analyst Patrick McCann highlighted the scanner’s potential to address unmet needs in breast imaging, especially for women with dense breast tissue, who often require supplemental screening. The report also pointed to expanding international distribution and potential applications beyond supplemental breast imaging, including diagnostic evaluation and oncology treatment monitoring, subject to further clinical validation. These factors position QT Imaging to capture a larger share of the breast imaging market, where demand for safer, more comfortable alternatives to traditional mammography is rising.
Financial projections in the report are ambitious. D. Boral Capital forecasts revenue increasing from approximately $39 million in 2026 to $46.7 million in 2027 and $90.5 million by 2030, driven by increased scanner shipments, international regulatory approvals and a developing direct-sales strategy targeting hospitals and imaging providers. The firm also projects adjusted EBITDA reaching $21.8 million by 2030, with recurring maintenance and software revenue contributing to growth. The $9 price target is based on a discounted cash flow analysis using a 15% discount rate and 1% terminal growth rate.
For investors, the initiation of coverage with a bullish outlook could draw attention to QT Imaging’s growth trajectory. The report identified commercialization, manufacturing, financing, regulatory and reimbursement risks as factors that could affect the company’s performance. Nonetheless, the analyst’s confidence in the company’s technology and market strategy is evident. To view the full report, visit https://ibn.fm/CpwHO.
QT Imaging Holdings, Inc. (Nasdaq: QTI) is a medical device company engaged in the research, development, and commercialization of innovative imaging systems that use low-frequency sound waves. The company’s strategy is predicated on the belief that medical imaging should be safe, affordable, accessible, and centered on the patient’s experience. For more information, visit the company’s website at www.qtimaging.com.
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