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.” Analyst Patrick McCann cited growing adoption of the company’s Breast Acoustic CT™ Scanner, expanding international distribution, and potential applications beyond supplemental breast imaging as key drivers for the bullish stance.
The scanner produces three-dimensional images without radiation, breast compression, or contrast injections, offering additional imaging capabilities particularly for women with dense breast tissue. This technology addresses a significant unmet need in breast cancer screening, where traditional mammography often struggles with dense tissue. The report also highlighted potential applications in diagnostic evaluation and oncology treatment monitoring, subject to further clinical validation. These expanded uses could substantially increase the scanner’s total addressable market and drive long-term revenue growth.
D. Boral Capital forecasts revenue increasing from approximately $39 million in 2026 to $46.7 million in 2027 and $90.5 million by 2030, supported 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.
The report identified commercialization, manufacturing, financing, regulatory, and reimbursement risks as factors that could affect the company’s growth trajectory. Investors can view the full report at https://ibn.fm/CpwHO. For more information on QT Imaging Holdings, Inc., please visit the Company’s website at www.qtimaging.com.
The initiation of coverage by D. Boral Capital brings increased visibility to QT Imaging’s innovative approach to breast imaging. The Buy rating and $9 price target signal confidence in the company’s ability to execute on its growth strategy and capture a meaningful share of the breast imaging market. As the company continues to expand its distribution network and secure regulatory approvals in new markets, the potential for broader adoption of its radiation-free technology could drive significant value for shareholders.
The research report was distributed through InvestorWire, a specialized communications platform within the Dynamic Brand Portfolio at IBN. InvestorWire provides access to a vast network of wire solutions, including editorial syndication to 5,000+ outlets, press release enhancement, and social media distribution to millions of followers. The platform also offers a full array of tailored corporate communications solutions designed to help companies reach a wide audience of investors, influencers, and journalists.
