Citi analyst, Stanley Kovler, reiterated his Sell rating on shares of Fitbit (NYSE: FIT) and cut his price target to $4.50 from $5.00 after the company missed Q4’17 consensus revenue and EPS estimates on lower than expected ASPs. Fitbit also guided well below consensus estimates with ~50% of the
2018 guide down reflected in the weak Q1’18 guidance.

The analyst stated "Looking out into 2018 we do not expect Fitbit to breakeven on the P&L despite mgmt.’s outlook for breakeven FCF on savings related to capex and working capital".

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 $5.54 yesterday.