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Fly News Breaks for April 2, 2018
FIT
Apr 2, 2018 | 04:59 EDT
Morgan Stanley analyst Yuuji Anderson downgraded Fitbit to Underweight and lowered his price target for the shares to $4 from $5. New smartwatches will be outweighed by declines in legacy products, while software opportunities in health coaching "will take time to ramp," Anderson tells investors in a research note. The analyst sees further downside in the shares with revenue not stabilizing and cash burn resuming. Anderson's bear case, which entails accelerating declining demand for Fitbit products, is $2 per share. The stock closed Thursday up 19c to $5.10.
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