Fitbit (FIT): Searches And Reviews Indicate Slowing - Dougherty
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Dougherty & Co analyst, Charles Anderson, reiterated his Neutral on shares of Fitbit (NYSE: FIT) after studying Google searches and Amazon reviews.
Monthly Google searches for the Fitbit brand were up 22% YOY globally in September (vs. +23% in August). However, when examining the weekly data, searches that were up 46% YOY globally and 35% YOY in the U.S. during the week ended 9/3, slowed to +15%/3% for global/U.S. searches for the week ended 10/1.
App downloads told a similar story -- during the last week of the month, the Fitbit app actually fell YOY on the most-downloaded app charts on both iOS and Android devices. The Fitbit app actually accelerated its movement up the chart the week of the launch of the Apple Watch Series 2 -- so it is difficult to blame that.
The recently-launched Charge 2 device has received an average of eight reviews by "verified" purchasers on Amazon.com per day thus far, well below the 20+ reviews per day received by the Blaze and Alta products over the same time period (18 days). Thus, it seems the Charge 2 launch in the U.S. has been initially slow.
The analyst does not have a published price target.
Shares of Fitbit closed at $14.84 yesterday.
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