Fitbit (FIT): Expecting Upside - Wedbush

Wedbush analyst, Nick McKay, reiterated his Outperform rating on shares of Fitbit (NYSE: FIT) in an earnings preview. The analyst, is expecting upside as consumer demand appeared to remain brisk throughout Q2. Estimates for the quarter are for revenue of $595 million and non-GAAP EPS of $0.13. This is above consensus of $578 million and $0.11, and guidance of $565 – 585 million and $0.08 – 0.11. Why the upside? The analyst's checks indicate robust demand for multiple products, led by the Alta, Blaze, and Charge HR.

Despite the expectation for upside, the analyst is sticking with his estimates and price target of $18.00.

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 $13.58 yesterday.

You May Also Be Interested In

• JD.com (JD) Reiterated at Buy by Benchmark Amid Earnings Recovery
• Optimum Communications gets NYSE non-compliance notice over stock price
• Deere (DE) PT Lowered to $570 at JPMorgan Ahead of Earnings