Why Has Mizuho Given Fitbit (NYSE:FIT) a $38 Price Target
Mizuho has just issued a Buy rating for Fitbit (NYSE:FIT) shares. The firm launched coverage on shares of FIT in a recent research report revealed to investors and clients on Friday morning. This target price per share indicates upside of 36.64% from the close price of Fitbit (NYSE:FIT).
From a total of 16 analysts covering Fitbit (NYSE:FIT) stock, 0 rate it a ”Buy”, 0 a “Sell”, and 0 a ”Hold”. This means that NaN of the ratings are positive. The highest target price is $81 while the lowest target price is $29. The mean of all analyst targets is $49.19 with a 66.73% above today’s ($27.8) stock price. Fitbit was the topic of 16 analyst reports since August 6, 2015 according to the firm StockzIntelligence Inc. Ladenburg Thalmann initiated shares on December 9 with “Neutral” rating. Pacific Crest initiated shares with “Overweight” rating and $47 target share price in a report from a September 15. Bank of America upgraded FIT stock in a recent report from November 17 to “Buy” rating. Piper Jaffray maintained the rating on August 24. Piper Jaffray has a “Overweight” rating and a $60 price target on shares. Finally, Cleveland initiated the stock with “Neutral” rating in a report issued on a September 15.
The stock decreased 5.67% or $1.67 during the last trading session, striking $27.8. Approximately shares of stock traded hands. Fitbit Inc (NYSE:FIT) has risen 6.00% since November 18, 2015 and is uptrending. It has outperformed by 9.81% the S&P500.
Fitbit, Inc. is a provider of health and fitness products. The company has a market cap of $6.11 billion. The Company’s Fitbit platform combines connected health and fitness devices with software and services, including an online dashboard and mobile applications, data analytics, motivational and social tools, personalized insights, and virtual coaching through fitness plans and interactive workouts. It has 78.67 P/E ratio. It offers a number of fitness products, including Fitbit Zip, Fitbit One, Fitbit Flex, Fitbit Charge, Fitbit Charge HR, Fitbit Surge and Aria.
According to Zacks Investment Research, “Fitbit Inc. manufactures and markets wearable fitness-tracking devices. The Company’s product consists of Fitbit Zip, Fitbit One, Fitbit Flex, Fitbit Charge, Fitbit Charge HR, Fitbit Surge and Aria. It also offers accessories which include bands and clips, charging cables and Fitbit apparel. Fitbit Inc. is headquartered in San Francisco, California.”