PHIT Act Seen as Catalyst for Fitbit (FIT) - Barclays

Fitbit (NYSE: FIT) is indicated higher again this morning following positive comments from analysts at Barclays. Analyst Matthew McClintock reiterated his Overweight rating and $49 price target.

The firm said the PHIT Act could act as a major catalyst for the stock. The analyst also highlighted the strong Fitbit holiday app downloads, which was also discussed yesterday. Further, McClintock highlighted a potential "network effect" that could further drive sales.

Shares of FIT last traded up 1% to $30.17.

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