Mizuho Securities Downgrades Fitbit (FIT) to Neutral
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Mizuho Securities downgraded Fitbit (NYSE: FIT) from Outperform to Neutral with a price target of $9.00 on weak end user demand and heavy opex growth.
Analyst Betty Chen commented, "We are downgrading shares of FIT to Neutral from Buy as we reduce estimates and PT to $9. While we appreciate FIT’s leading share position in the health and fitness wearables segment, indications of slowing category growth, production issues and recurring pattern of heightened investments outpacing sales lead us to move to the sidelines. We believe the company’s pursuit of product innovation and global expansion will lead to SG&A growth outpacing sales into future quarters, which is alarming given topline slowdown."
Shares of Fitbit closed at $12.81 yesterday.
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