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Fly News Breaks for August 1, 2019
FIT
Aug 1, 2019 | 06:27 EDT
Citi analyst Jim Suva lowered his price target for Fitbit to $2 from $5 saying the Q3 guidance miss "on all metrics" overshadowed the company's Q2 results. Fitbit's current tangible book value is $2.13, contends the analyst, who projects the tangible book value to be $2.02 in a year from now. His main concern with Fitbit continues to be that the company lacks a mass appeal smartwatch with full two-way texting functionality, such as the Apple Watch. He keeps a Sell rating on the shares.
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