Mizuho Securities Downgrades Fitbit (FIT) to Neutral
- 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 access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
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.
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
- Polaris Industries (PII) PT Raised to $85 at Stifel Ahead of 4Q Report
- Skyworks Solutions (SWKS) PT Raised to $105 at Oppenheimer Following 1Q Report
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change, Downgrades
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!