Pacific Crest Upgrades Fitbit (FIT) to Sector Weight
- Noble Energy (NBL) to Acquire Clayton Williams Energy (CWEI) for $2.7B in Cash and Stock
- Nasdaq hits record; bank earnings validate Wall St. rally
- Intrawest Resorts (SNOW) Exploring a Possible Sale - Reuters
- Alibaba (BABA) Has No Plans to Acquire Rest of Groupon (GRPN) - Source
- Time (TIME) Said to Soon Begin Discussions with Interested Buyers - Bloomberg
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Fitbit (FIT): Cutting PT On Demand Concerns - Wedbush
- Goldman Sachs Upgrades FirstEnergy Corp. (FE) to Neutral
- Morgan Stanley Upgrades Boyd Gaming (BYD) to Overweight
Create E-mail Alert Related CategoriesAnalyst Comments, Upgrades
Related EntitiesPacific Crest Securities
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!