Fitbit (FIT) Bullish View Maintained at Piper Jaffray Following Meetings

Piper Jaffray analyst Erinn Murphy reiterated an Overweight rating and $60 price target on Fitbit (NYSE: FIT) hosting two days of investor meetings with CFO Bill Zerella & VP of IR Brad Samson in NYC in conjunction with our Piper Jaffray Healthcare conference.

"While there continues to be a lot of concern in the market place on the longevity of Fitbit, we believe the brand is strong, the international growth opportunity is real & the long-term vectors into health care all support upside to shares," Murphy said. "Management was positive on their 2016 product pipeline and we would anticipate to see notable launches next year. Management was optimistic on the improved gross margin profile for new products. We believe FIT's platform offers better engagement vs. their peers. As it relates to corporate wellness (<10% of sales), not only is the margin profile more attractive but engagement levels run higher vs. the consumer side of the business."

For an analyst ratings summary and ratings history on Fitbit click here. For more ratings news on Fitbit click here.

Shares of Fitbit closed at $29.37 yesterday.

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