Fitbit (FIT) a Broken Stock, Not Broken Story - Oppenheimer
- Donald Trump Sworn in as 45th U.S. President
- Wall Street ends higher as Trump becomes president
- Walgreens Boots Alliance (WBA) Said to Face Antitrust Concern for Rite Aid (RAD) Fix - Bloomberg
- Bristol-Myers Squibb (BMY) Says It Won't Pursue Accelerated U.S. Regulatory Pathway for Opdivo Plus Yervoy in Lung Cancer
- Apple (AAPL) Sues Qualcomm (QCOM) Over Patent Royalties in Antitrust Case - Bloomberg
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
Oppenheimer analyst Andrew Uerkwitz slashed his price target on Fitbit (NYSE: FIT) to $12.00 (from $25.00) but maintained a Outperform rating following weak results, outlook.
Uerkwitz commented, "Fitbit disappointed....again. With the large short interest, many were expecting it, as the company has a history of delivering bad news (even when top-line growth exceeds even the most ambitious estimates). This quarter, revenue growth missed. The company lowered FY guidance by $200M and EPS is now expected to be ~$0.57 (down 47% y/y). We don't expect the stock to work until 1) mgmt. starts executing and 2) shows signs of leveraging its vast amount of data, corporate relationships, and social network. But there is good news: FIT isn't losing share, it has a tremendous amount of unlocked value, it's still generating cash, and after any significant selloff, valuation tends to look attractive (based on cash and IP). Broken stock, not broken story."
Shares of Fitbit closed at $12.81 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- M&T Bank (MTB) PT Raised to $165 at FBR Capital Following 4Q Beat
- Union Pacific (UNP) PT Raised to $120 at Aegis Capital Following Solid 4Q
- Zayo Group Holdings (ZAYO) PT Raised to $41 at BTIG; Reiterates Buy
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesAndrew Uerkwitz
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!