Leerink Positive on Pricing, Updates for Fitbit's (FIT) Latest Devices; Affirms at 'Market Perform'

August 29, 2016 11:33 AM EDT
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Price: $7.13 +1.13%

Rating Summary:
    4 Buy, 19 Hold, 2 Sell

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Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Leerink affirms Fitbit (NYSE: FIT) with a Market Perform rating and $16 price target amid the release of two refreshed fitness trackers on Monday.

Analyst David Larsen commented today: The new wristband devices are available for presale today on Fitbit.com and tomorrow at major North American retailers. The Charge 2 will be on store shelves in September and the Flex 2 will be available in October. The products contain some evolutionary feature upgrades such as smaller size and swim-proof (in the case of Flex 2), automatic activity tracking, and guided breathing and a VO2 Max reading on the Charge 2. Several new accessory options were also announced. We look for more detail on the 10:30am ET call, but overall we like the stability of pricing in the refresh and the feature upgrades look good.

Larsen also noted that the products are out a little earlier than expected, saying, A brand new device launch we believe will come either around that time frame or later in October ahead of the important holiday shopping period in November/December.

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

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