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Fly News Breaks for January 31, 2017
FIT
Jan 31, 2017 | 05:37 EDT
Citi analyst Stanley Kovler downgraded Fitbit (FIT) to Sell following the company's negative Q4 preannouncement and 2017 outlook that came in "significantly below" expectations. Market saturation is having a real effect on the company's results, and management "demonstrated a clear lack of visibility" into its distribution network, Kovler tells investors in a research note. The analyst cut his price target for the shares to $5 from $8.
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