UPDATE: SunTrust Downgrades Fitbit (FIT) to Hold
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(Updated - November 3, 2016 8:06 AM EDT)
SunTrust Robinson Humphrey downgraded Fitbit (NYSE: FIT) from Buy to Hold with a price target of $10.00 (from $17.00). Analyst Robert S. Peck said Q3 results and guidance raised questions around customer demand, and the category's maturity.
"We have been wrong on Fitbit. While Fitbit reported a decent quarter, its guidance implied a sharp deceleration and raised questions around company forecasting, customer demand, and the category's maturity. We think demand for current product feature set may be saturated, and at this point, only new product form factors and functionality could inflect demand, which we don't expect until well into 2017. Further, on valuation multiples versus other CE manufacturers, the stock does not appear undervalued," said Peck.
Shares of Fitbit closed at $12.81 yesterday.
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