Scalper1 News
Hold on, Fitbit (FIT) fans. Not every Wall Street analyst is bullish on the maker of activity trackers. S&P Capital IQ analyst Angelo Zino initiated coverage of Fitbit stock on Wednesday with a hold rating and 12-month price target of 50. Fitbit’s growth prospects are already reflected in the rich valuation of its stock, he said. Fitbit leapt to a record high of 48.98 in morning trading in the stock market today. In afternoon trading, Fitbit shares were up 4%, near 47.50. Fitbit went public at 20 on June 18. “From a top-line growth perspective, we see (Fitbit) revenue increasing 90% this year and an additional 29% in 2016,” Zino said in a report. “We are optimistic about the prospects of the overall wearables space, as we see the potential for the entire market to more than double this year, as consumer interest increases and manufacturers develop new innovative devices.”… Scalper1 News
Scalper1 News