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A bunch of Wall Street analysts gave Fitbit a physical on Monday and gave the maker of fitness-tracking devices a thumbs up. Fitbit stock rose 3.3% Monday to 43.48, earlier touching an all-time high of 44.59. Fitbit went public on June 18 at 20. Investment banks Deutsche Bank, Stifel and SunTrust Robinson Humphrey initiated coverage of the stock with buy ratings. Piper Jaffray initiated with an overweight rating. Others were on the fence, based on valuation and competitive concerns. Morgan Stanley rated Fitbit as equal weight, while Bank of America Merrill Lynch and Raymond James rated it neutral and market perform, respectively. ” Fitbit (FIT) is an authentic consumer brand that is leading the wearable technology space and is a brand that has become synonymous with the category,” Piper Jaffray analyst Erinn Murphy said in a research report. She set a price target of 52 for Fitbit stock. Fitbit has shown … Scalper1 News
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