Pacific Crest Upgrades Fitbit (FIT) to Sector Weight
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Pacific Crest upgraded Fitbit (NYSE: FIT) from Underperform to Sector Weight with a price target of $8. Analyst Brad Erickson thinks skepticism is priced in.
"Our bias remains negative, but significantly more skepticism is now priced in; upgrading to Sector Weight. With the stock now trading at 0.8x EV to our 2017 revenue estimate, investors are better appreciating the decelerating growth Fitbit is seeing, which prompts us to upgrade to Sector Weight. We wouldn’t expect substantive data points either way until Fitbit's likely February Q4 report. Thus, the risk/reward for remaining short at current levels has become less favorable, in our view," said the analyst.
Shares of Fitbit closed at $9.56 yesterday.
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