Leerink Partners analyst Steven Wardell reiterated an Outperform rating and bumped his price target on Fitbit (NYSE: FIT) to $81.00 (from $79.00) following strong results after the close. Shares sold off on a sell the news reaction and the stock offering bu they don’t see anything to worry about fundamentally.

Wardell commented, "Fitness tracker industry-leader FIT beat on top and bottom lines and gross margins for the 3Q, taking investor concerns about gross margins off the table. The company is pressing its formidable advantage and seems to be taking share in a fast-growing market. FIT also announced a follow-on offering. There appears to be some “sell the news” sentiment in the reaction of the stock to the beat and the offering, but we don’t see anything to worry us fundamentally. We reiterate our OP rating and raise our Price Target to $81 from $79 based on higher NTM revenues."

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 $40.80 yesterday.

Analyst Comments Analyst EPS Change Analyst EPS View Analyst PT Change

The Upside to Investors of Fitbit (FIT) Pre-Lockup SecondaryNovember 4, 2015 9:08 AM Better-Than-Expected Sales Drive Fitbit (FIT) to a 3Q EPS Beat; Cowen Reiterates Market Perform November 3, 2015 6:44 AM Piper Jaffray Pleased with Fitbit (FIT) Results and Margins Despite Weakness on Lock-Up and SecondaryNovember 2, 2015 9:09 PM Fitbit's (FIT) Q3 'Beat and Raise' Offset by Stock Lock-up Release, Secondary OfferingNovember 2, 2015 4:26 PM Fitbit (FIT) to Sell 7M Shares, Holders to Sell 14MNovember 2, 2015 4:19 PM Fitbit Intends to File Registration Statement for Proposed Follow-On OfferingNovember 2, 2015 4:15 PM Fitbit (FIT) Tops Q3 EPS by 14c; Raises OutlookNovember 2, 2015 4:06 PM UPDATE: Fitbit (FIT) Tops Q3 EPS by 14c; Boosts FY15 OutlookNovember 2, 2015 4:06 PM