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Fly News Breaks for September 15, 2015
GPRO, FIT
Sep 15, 2015 | 06:40 EDT
Piper Jaffray analyst Erinn Murphy reiterates an Overweight rating and $60 price target on Fitbit after completing her firm's fifth semi-annual Women's Survey. The stock closed yesterday down 50c to $31.90. Of the women surveyed, 18% own a fitness band and 19% intend to purchase one in the next six months, Murphy tells investors in a research note. Both of these metrics accelerated from the low-double-digit range six months ago, she points out. Murphy believes Fitbit is gaining share as the market leader. She views the stock as compelling amid investor caution on consumer tech names like GoPro (GPRO) and concerns around the company's organic unit growth.