Deutsche Bank Downgrades Fitbit (FIT) to Hold

Deutsche Bank downgraded Fitbit (NYSE: FIT) from Buy to Hold with a price target of $9.00 (from $18.00). Analyst Sherri Scribner noted slower wearable market growth.

"We are downgrading FIT to a Hold from a Buy, driven by slower growth in the wearables market and FIT's recent demand deceleration. Recent IDC data suggests the wearables market grew just 3% in C3Q-16, a significant deceleration versus 67% and 26% growth in C1Q and C2Q, resp. While FIT out grew the market, comments on the C3Q-16 call suggest some of this growth was related to demand pull forward. We continue to view FIT as a leader in the wearable fitness category, but given consumer demand appears to be waning for wearable devices, we are taking a wait-and-see approach to the name," 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 $7.97 yesterday.

You May Also Be Interested In

• Advance Auto Parts (AAP) PT Lowered to $48 at DA Davidson Following 25% Selloff Post Q2 Results
• Beike (BEKE) PT Raised to $23 at Morgan Stanley
• Ferrovial SA (FER:SM) (FRRVF) Reiterated at Buy by UBS on Winning Bid For Tennessee Project