Oppenheimer Remains Bullish on Fitbit (FIT) Following New Product Launch
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Oppenheimer reiterated an Outperform rating and $25.00 price target on Fitbit (NYSE: FIT) as the company announces the Flex 2 and the Charge 2. Management has noted an increasing focus on accessories, driving shelf space expansion and even adding in the 2Q call that Alta+Blaze accessories added $3 to average revenue/device.
Analyst Andrew Uerkwitz commented, "Although FIT's 3Q device launches were heavily speculated, the company today officially announced the Flex 2 and the Charge 2-refreshes of the oldest and best selling products in FIT's lineup which are expected to begin shipping pre-orders next week. Fitbit also announced new accessories and a software update for Blaze and Alta. We've mentioned before that developing new sensors (a question we often receive from investors) is not the only way for Fitbit to improve customer engagement, and it is regular, value-add software updates like today's that will allow FIT to continue improving both its engagement with consumers and its lead in the wearables space."
Shares of Fitbit closed at $14.94 yesterday.
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