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FIT

Fitbit

$6.25

0.04 (0.64%)

17:29
03/01/17
03/01
17:29
03/01/17
17:29

Fitbit receives subpoena from U.S. Attorney's Office in the Norther CA

Fitbit disclosed in a filing: "On August 12, 2016, the Company was notified by Jawbone that Jawbone had received a confidential subpoena from the U.S. Attorney's Office in the Northern District of California requesting certain Fitbit confidential business information that appeared to be related to Jawbone's allegations of trade secret misappropriation. On February 17, the Company received a subpoena from the same office. Fitbit is cooperating with the U.S. Attorney's Office. The Company intends to vigorously defend and prosecute each of the Jawbone litigation matters and, based on its review, the Company believes it has valid defenses and claims with respect to each of these matters. However, litigation is inherently uncertain, and any judgment or injunctive relief entered against the Company or any adverse settlement could materially and adversely impact its business, financial condition, operating results, and prospects. Regarding the five matters still in the early stages of litigation, the Company is unable to estimate a reasonably possible loss or range of loss, if any, that may result from these matters. In addition, these litigation matters are complex, likely to involve significant management time and attention, and the cost of defending and prosecuting these matters is likely to be expensive, regardless of outcome."

FIT Fitbit
$6.25

0.04 (0.64%)

01/30/17
RHCO
01/30/17
NO CHANGE
RHCO
Fitbit price target lowered to $8 from $10 at SunTrust
SunTrust analyst Kunal Madhukar reduced the price target on Fitbit in response to a report which stated that the company's Q4 growth was below expectations. The analyst says that the report is in-line with his Q4 checks, and he expects the stock to be "range-bound" until the company shows that it's growing. Madhukar keeps a Hold rating on the shares.
01/31/17
SBSH
01/31/17
DOWNGRADE
Target $5
SBSH
Sell
Fitbit downgraded to Sell from Neutral at Citi
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.
01/31/17
01/31/17
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. Macy's (M) downgraded to Neutral from Buy at Buckingham with the firm lowering its price target to $30 from $39 to reflect the lack of visibility on its ability to re-accelerate comparative sales, overwhelming pressure from online and off-price competition, and its inability to continue to reduce expenses sufficiently to offset EBITDA declines over the next few years. 2. Fitbit (FIT) downgraded to Sell from Neutral at Citi with analyst Stanley Kovler citing the company's negative preliminary fourth quarter announcement 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. 3. Under Armour (UA, UAA) downgraded to Underperform from Market Perform at Raymond James, to Neutral from Positive at Susquehanna, and to Neutral from Overweight at Piper Jaffray. 4. Ixia (XXIA) was downgraded to Neutral from Buy at DA Davidson and to Hold from Buy at Gabelli. 5. Ocera Therapeutics (OCRX) downgraded to Market Perform at JMP Securities with analyst Liisa Bayko citing Phase 2 data which showed that the company's hepatic encephalopathy treatment missed its primary endpoint. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
02/23/17
RAJA
02/23/17
NO CHANGE
Target $9
RAJA
Outperform
Fitbit demand trends better than numbers suggest, says Raymond James
Raymond James analyst Tavis McCourt said Fitbit reported results that were generally inline with the prerelease in guidance issued in January. McCourt said Fitbit indicated Q4 sell through in dollar terms was flattish, much better than the reported 19% revenue decline due to the company entering the quarter with meaningfully more channel inventory than the year ago period. The analyst expects sell through trends to weaken a bit this spring as the company laps its Alta/Blaze launches from a year ago, but by the end of 1H17, channel inventory should be corrected. McCourt said Fitbit's valuation is too inexpensive given the company's brand strength and upcoming products and maintains his Outperform rating and a $9 price target.

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