RBC Capital Starts Fitbit (FIT) at Outperform

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Go back to RBC Capital Starts Fitbit (FIT) at Outperform

Fitbit (FIT) Search, App Downloads Accelerated Since Apple Watch Launch, Dougherty & Co Notes

June 30, 2015 8:46 AM EDT

Dougherty & Co analyst Charles Anderson published his inaugural Weekly Report Card on Fitbit (NYSE: FIT), a stock he rates 'Buy' with a price target of $28 (below current market levels).

Initial takeaways from the data, according to Anderson:

Fitbit is seeing accelerating growth in Google searches for its products, both globally and domestically. And importantly, growth has accelerated since the launch of the Apple Watch. Our observation is that Fitbit products are resonating most in recent weeks with two groups: Android smartphone users and European consumers.Notably, post-Apple Watch launch... More