Fitbit (FIT): Strong Results Ahead of the Refresh - Suntrust

SunTrust Robinson Humphrey analyst, Bob Peck, reiterated his Buy rating on shares of Fitbit (NYSE: FIT) after Fitbit beat 2Q estimates virtually across the board and maintained the FY2016 guide, which implies solid operating leverage in 4Q'16.

Fitbit plans to refresh most of its legacy products for the holiday season, which could reinvigorate revenue growth in 4Q. The analyst thinks these solid results to help mollify concerns that fitness trackers could be a fad. Longer term, Fitbit could leverage its brand, product portfolio, R&D, distribution, and market share to transform into a digital health provider to enterprises.

No change to the price target of $17.00

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 $13.16 yesterday.

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