SunTrust's Peck Sees a Buying Opportunity in Fitbit (FIT)

SunTrust Robinson Humphrey analyst Robert Peck cut his price target on Fitbit (NYSE: FIT) to $30.00 (from $48.00) but maintained a Buy rating saying they remain positive on the fundamentals.

Peck sees the sharp decline in the stock as a an attractive buying opportunity for the patient investor.

Fundamentals remain strong, Peck explained, and he sees the stock a beneficiary of the urgent systemic need to reduce economic loss related to obesity.

The stock is trading at a discount to peers and when FIT provides 2016 guidance, he believes this discount could look even more conservative.

Risk-reward is favorable at this level, Peck said.

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 $17.97 yesterday.

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