Ladenburg Thalmann Now Covering Fitbit (NYSE:FIT) With $29 Target


Why Has Ladenburg Thalmann Given Fitbit (NYSE:FIT) a $29 Price Target

Ladenburg Thalmann started its coverage for Fitbit (NYSE:FIT), this morning Wednesday morning. The brokerage firm found the stock of FIT quite attractive and now has a target price of $29 with a key Neutral rating.

From a total of 15 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 $35. The mean of all analyst targets is $50.53 with a 45.60% above today’s ($32.92) stock price. Fitbit was the topic of 15 analyst reports since August 6, 2015 according to the firm StockzIntelligence Inc. Barclays Capital upgraded shares on November 30 to “Overweight” rating. Piper Jaffray maintained shares with “Overweight” rating and $60 target share price in a report from an August 24. Sterne Agee CRT initiated FIT stock in a recent report from September 29 with “Neutral” rating. Vetr upgraded the rating on August 7. Vetr has a “Sell” rating and a $48.19 price target on shares. Finally, Pacific Crest initiated the stock with “Overweight” rating in a report issued on a September 15.

Approximately 1.26 million shares of stock traded hands. Fitbit Inc (NYSE:FIT) has risen 6.00% since November 9, 2015 and is uptrending. It has outperformed by 6.80% the S&P500.

Fitbit, Inc. is a provider of health and fitness products. The company has a market cap of $6.82 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 93.16 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.” Get a free copy of the Zacks research report on Fitbit Inc (FIT).