Pacific Crest Upgrades Fitbit (FIT) to Sector Weight
- Unemployment Rate Drops to 4.6%
- Unusual 11 Mid-Day Movers 12/2: (ASNA) (HTBX) (REPH) Higher; (PLX) (MEMP) (DRYS) Lower
- Bond yields fall on U.S. jobs data, euro flat before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk 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
- JPMorgan Raises Rating on CBOE Holdings (CBOE) to 'Overweight'; Analyst Thinks Bats Technology Will Drive Greater Trading Activity
- Jefferies Cuts Price Target on Kroger (KR) to $30 Following 3Q and Guidance
- Jefferies Cuts Price Target on Eros Int'l (EROS) to $18 Following Multi-Year Deal
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!