Fitbit (FIT) Pullback Creates Compelling Entry - Mizuho

September 29, 2016 11:45 AM EDT
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Price: $7.13 +1.13%

Rating Summary:
    4 Buy, 19 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Mizuho Securities analyst Betty Chen sees today's pullback in Fitbit (NYSE: FIT) providing a compelling entry point.

Chen commented, "Despite concerns regarding Charge 2 sales, our checks suggest initial sell-throughs remain strong with favorable reviews. As such, we believe the pull-back today is unwarranted, especially as 3Q guidance conservatively assumes minimal unit sales of the new devices that should compete well and serve as key Holiday '16/Spring ‘17 catalysts. Following our recent meetings with FIT's CFO in NYC on 9/13-9/14, we continue to believe in the company’s LT opportunity to maintain dominant share within the growing global market for wearables while pursuing opportunities in the healthcare industry over time."

The firm maintained a Buy rating and price target of $20.

For an analyst ratings summary and ratings history on Fitbit click here. For more ratings news on Fitbit click here.

Shares of Fitbit closed at $16.70 yesterday.

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