Fitbit - RBC Report

A new report from RBC cites the strong growth potential This company had one of the hottest initial public offerings of this year, and the quiet period just ended and Wall Street analysts are very bullish. Fitbit Inc. (FIT) is leading a worldwide movement toward healthier, more active lives by empowering people with data, inspiration and guidance to reach their goals. The Fitbit platform combines connected health and fitness devices with software and services, including an online dashboard and mobile apps, data analytics, motivational and social tools, personalized insights and virtual coaching through customized fitness plans and interactive workouts. The platform helps people become more active, exercise more, sleep better, eat smarter and manage their weight. Fitbit appeals to a large, mainstream health and fitness market by addressing these key needs with advanced technology embedded in simple-to-use products and services. The company has already sold over 20.8 million devices since inception. The RBC analysts are very positive on the stock. They think the connected health/fitness market is in the early growth stages, and the company is rapidly gaining share. The RBC team sees increasing unit and average-selling-price growth with a platform approach. They also believe that a deeper international push, combined with corporate wellness adoption, should help grow revenues an estimated 83% this year and conservatively almost 30% next year. The RBC price target of $55 is well above the consensus target of $42.25. Note that the stock closed above the consensus level Monday at $43.48. 24/7 Article