Mizuho Securities Reiterates Buy on Fitbit (FIT) Following Product Launch
- Stocks flat as earnings roll in, Comcast drags Nasdaq
- Unusual 11 Mid-Day Movers 10/27: (PCMI) (OCN) (TTMI) Higher; (CYH) (RWLK) (AMFW) Lower
- Twitter (TWTR) Tops Q3 EPS by 4c; Announces Restructuring, Workforce Reduction
- Qualcomm (QCOM) to Acquire NXP Semi (NXPI) in $47B Deal
- CenturyLink (CTL) in Advanced Talks to Merge with Level 3 (LVLT) - DJ
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.
Mizuho Securities reiterated a Buy rating and $20.00 price target on Fitbit (NYSE: FIT) following the company's announced product launch. Both products are currently available for pre-order and will be shipping globally in the Fall. Mizuho is maintaining its 3Q EPS estimate of $0.18, in-line with guidance for $0.17-0.19.
Analyst Betty Chen commented, "Following the announcement this Monday, 8/29, we highlight early consumer and media reviews for the new products are favorable. The updated Charge 2 ($149.95), replaces the Charge HR, and features an enhanced exercise experience with heart rate tracking, new health and fitness tools, notifications, and a larger display with interchangeable bands. The Flex 2 ($99.95) is the company’s first water-proof fitness band with a removable tracker that can be integrated into traditional bands as well as fashionable bangles or pendants. Both products are currently available for pre-order and will be shipping globally in the Fall. Combined with the Alta and Blaze introductions earlier this year, the launch of these two new devices outpaces the 3 launches in 2015 (Charge, Charge HR, and Surge). FIT also cited the margin profile of new products slated for 2016 are consistent with prior guidance. Additionally, we believe the rollout of new customizable accessories and wristbands should provide a healthy, accretive margin."
Shares of Fitbit closed at $15.48 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Fitbit (FIT): Reiterating Outperform Ahead Of Earnings - Wedbush
- Jefferies Raises Price Target on Northrop Grumman (NOC) Following 3Q Beat
- PAREXEL (PRXL) PT, Estimates Lowered at Evercore ISI
Create E-mail Alert Related CategoriesAnalyst Comments
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!