Fitbit (FIT) PT Raised to $52 at SunTrust Robinson Humphrey
SunTrust Robinson Humphrey analyst Robert Peck reiterated a Buy rating and raised his price target on Fitbit (NYSE: FIT) to $52.00 (from $50.00) following strong results after the close.
Peck commented, "2Q results beat estimates across the board; 2015 guidance is materially above Street. While FIT gave up some of the gains post-close (down to $44.94 from $51.64 at close) on gross margin and marketing spend concerns, we note recent price appreciation has been significant. Given the large TAM, FIT's dominant market position, and likely evolution into hardware+services platform, we remain believers and maintain Buy rating. Our PT goes to $52 from $50."
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Shares of Fitbit closed at $51.64 yesterday.