Leerink Partners analyst, David Larsen, reiterated his Market Perform rating on shares of Fitbit (NYSE: FIT) after the 2Q report. The company posted a slight beat across most metrics, and management maintained full-year guidance. 3Q16 guidance was largely in line with Street expectations, but the focus is turning to new product launches in September/October where the analyst expects a refresh of at least one legacy device and one new high-end device. The analyst tweaked his model assumptions, but continues to see risk in 4Q16 and especially 2017 due to lack of visibility of new products and the need to spend on R&D and marketing.

The analyst cut his price target to $16 from $18 on a lower multiple assumption due the the EPS risk in 4Q,

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Shares of Fitbit closed at $13.16 yesterday.