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Wearable fitness device maker Fitbit ( FIT ) on Wednesday expanded its product portfolio with a fashionable new fitness wristband called the Fitbit Alta. Fitbit began taking pre-orders for the device, which sells for $129.95, on Wednesday, with retail availability starting in March in North America. Alta activity trackers feature stylish, interchangeable bands in a range of colors and materials. Extra bands in Fitbit’s “classic” style cost $29.95 each. It’s also selling luxe leather bands for $59.95 apiece and stainless steel bands for $99.95. Plus, Fitbit is working with designer Tory Burch on fashion accessories for the Alta. In addition to tracking regular activity, exercise and sleep, the Fitbit Alta includes reminders to move when you’ve been sitting too long and smartphone notifications of calls, texts and appointments. Fitbit Alta has a five-day battery life. The Alta provides personal pep talks and motivation, with on-screen messages to meet mini-goals like 250 steps per hour. It tracks steps taken, distance traveled, calories burned and active minutes. It automatically recognizes when someone is exercising. Users can track their progress with a smartphone app and online tools. The Fitbit Alta ultimately will replace the Fitbit Charge, but not the Charge HR, which measures heart rate. “Alta is going to be the premier product for the biggest segment of the market, which is everyday fitness,” Woody Scal, Fitbit’s chief business officer, told IBD. “We think this will broaden our addressable market significantly by bringing in people who care a little bit more about style.” From a business perspective, Alta provides Fitbit the opportunity to sell more high-margin accessories. That’s also a focus with the upcoming Fitbit Blaze smart fitness watch. Plus, the Alta provides an upgrade path for owners of Fitbit Flex devices, Scal said. “Fitbit is more than just cool stuff on your wrist or clipped to your waist,” he said. Fitbit has differentiated itself by focusing on software and building a platform for providing personalized fitness insights and coaching as well as social and motivational tools, Scal said. Piper Jaffray analyst Erinn Murphy on Wednesday reiterated her overweight rating on Fitbit stock with a price target of 60. Fitbit stock was down 1% to about 16 in midday trading on the stock market today . The Alta “combines a higher level of fashion and functionality at the sweet spot of pricing,” Murphy said in a report. Fitbit launched its latest device in tandem with New York Fashion Week. “The infusion of fashion in their product should aid the company to convert retail consumers and help drive a product upgrade cycle,” Murphy said. Fitbit competes with a host of companies, including Fossil ( FOSL ), Garmin ( GRMN ), Jawbone, Microsoft ( MSFT ) and Under Armour ( UA ). RELATED: Fitbit Given Physical, Passes With Outperform Rating . Scalper1 News
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