Fitbit (FIT) Seen as Winner This Holiday Season - Piper Jaffray

Fitbit (NYSE: FIT) is seeing a bid pre-open, which could be related to positive comments at Piper Jaffray.

Analyst Erinn Murphy updated her thoughts on the watches and wearables space on the heels of the Swiss Watch data release. The October Swiss watch export data was released, showing a 12% decline in global exports on a CHF basis--the steepest decline YTD and compares to the 8% Y/Y decline in September

This holiday season, they see wearable technology as a top-of-mind gifting item but believe the more technology-oriented names may fare better given dominant market share already. They see FIT as the best way to play this theme.

Survey work from Piper suggests FIT has 53% mindshare among teens and 68% mindshare among women. In the most recent September quarter, we saw FIT sell 4.8M units and PJC analyst Gene Munster estimates 3.3M units sold in for Apple Watch.

Meanwhile, the firm sees moves into wearables by Fossil Group (NASDAQ: FOSL) and Guess? (NYSE: GES) as more of a near-term distraction

The firm rates FIT Overweight with a $60 price target, FOSL Underweight with a $25 price target and GES Neutral with a $19 price target.

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