Pacific Crest Upgrades Fitbit (FIT) to Sector Weight
Get Alerts FIT Hot Sheet
Rating Summary:
5 Buy, 18 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
Join SI Premium – FREE
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.
For an analyst ratings summary and ratings history on Fitbit click here. For more ratings news on Fitbit click here.
Shares of Fitbit closed at $9.56 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Keefe, Bruyette & Woods Upgrades Trustmark (TRMK) to Outperform
- Sage Therapeutics (SAGE) PT Lowered to $18 at Truist Securities
- META to capture largest share of users, SNAP to benefit from ad budget shifts - Canaccord Genuity weighs in on TikTok ban
Create E-mail Alert Related Categories
Analyst Comments, UpgradesRelated Entities
Pacific Crest SecuritiesSign 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!