Leerink Partners Remains Sidelined as Fitbit's (FIT) Blaze and Alta Shipments Top 1M Each

Leerink Partners reiterated a Market Perform rating and $18.00 price target on Fitbit (NYSE: FIT) following the company's announcement that it has recorded over 1m Blaze shipments and over 1m Alta shipments in the first month and 3 weeks respectively of retail availability of the new activity trackers. Assuming existing products such as the Charge HR, Surge and Flex maintained decent sales momentum of at least 3m units in January-March, an upside to the Q1 is likely.

Analyst Steven Wardell commented, "Fitbit's initial shipments of its two new products are slightly better than we expected, but we remain MP with estimates unchanged as uncertainty remains on follow-through sales in the next two quarters. We see today's news as positive and upside to March Q sales is possible, but believe that a significant portion of these 2m units represents initial channel fill. Our concerns around sales trajectory into a back-end weighted year remain."

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 $13.40 yesterday.

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