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FIT

Fitbit

$7.36

-0.08 (-1.08%)

05:36
12/22/16
12/22
05:36
12/22/16
05:36

Fitbit price target lowered to $8 from $10 at Citi

Citi analyst Stanley Kovler lowered his price target for Fitbit to $8 saying he's not expecting any big events or product announcements at CES 2017. The analyst cut his 2017 earnings per share estimate for the company to 60c from 77c. He sees "aggressive pricing" on Fitbit's fitness trackers post Black Friday discounts to impact the company's margins in Q4 and into 2017. Kovler keeps a Neutral rating on the shares.

FIT Fitbit
$7.36

-0.08 (-1.08%)

12/08/16
DBAB
12/08/16
DOWNGRADE
Target $9
DBAB
Hold
Fitbit downgraded to Hold from Buy at Deutsche Bank
Deutsche Bank analyst Sherri Scribner downgraded Fitbit to Hold saying growth in the wearables market is slowing while the company's recent demand has decelerated. Recent IDC data suggests the wearables market grew just 3% in Q3, a "significant deceleration" from the 67% and 26% growth in Q1 and Q2, respectively, Scribner tells investors in a research note. She prefers to take a "wait-and-see approach" on Fitbit shares and cut her price target to $9 from $18.
12/08/16
OPCO
12/08/16
NO CHANGE
OPCO
Outperform
Fitbit announcements provide depth, says Oppenheimer
Oppenheimer analyst Andrew Uerkwitz sees Fitbit's (FIT) announcements of a partnership with medical device maker Medtronic (MDT) and acquisition of select assets from smartwatch maker Pebble as positive and supportive of his long-term thesis. The analyst says these moves will not immediately alleviate near-term sales concerns, but could help change the narrative, which is "badly needed." He reiterates an Outperform rating on Fitbit's shares.
12/08/16
12/08/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Fitbit (FIT) downgraded to Hold from Buy at Deutsche Bank with analyst Sherri Scribner saying growth in the wearables market is slowing while the company's recent demand has decelerated. 2. AZZ Inc. (AZZ) downgraded to Sell from Hold at Stifel with analyst Noelle Dilts saying she believes shares are extended ahead of third quarter results that could miss investor expectations. 3. CYS Investments (CYS) downgraded to Sell from Neutral at Compass Point analyst Fred Small citing increased interest rate volatility. 4. L-3 Communications (LLL) downgraded to Neutral from Buy at BofA/Merrill analyst Ronald Epstein citing valuation and a disappointing 2017 revenue outlook. 5. EMCOR downgraded to Hold from Buy at Stifel with analyst Noelle Dilts citing balanced risk/reward. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
12/21/16
PACS
12/21/16
NO CHANGE
PACS
Fitbit inventory continued to rise, says Pacific Crest
After conducting checks, Pacific Crest analyst Brad Erickson says that the inventory of Fitbit devices continued to rise "exiting the quarter" in the U.S. As a result, the analyst thinks that Fitbit's Q1 results could miss expectations. He keeps a Sector Weight rating on the stock.

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