Fitbit (FIT): Earnings Preview - Oppenheimer
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Oppenheimer analyst, Andrew Uerkwitz, reiterated his Outperform rating on shares of Fitbit (NYSE: FIT) and believes perceived September/October weakness is business as usual—not just for FIT but for the broader consumer electronics space.
The analyst believes that consumers are finished with back-to-school buys and are gearing up for winter holidays. December-quarter estimates are a leap of faith, but looking at past/recent trends gives the analyst confidence in the long term potential for the company. The analyst is seeing a pickup in tracker, in particular the Charge HR 2. Moreover, looking past the holidays, he believes the fuller-featured, higher-quality Charge HR 2 is a harbinger of things to come in 2017.
No change to the price target of $25.
Shares of Fitbit closed at $13.26 yesterday.
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