Pacific Crest analyst Brad Erickson weighed in on FitBit on September 15, initiating an Overweight rating on the stock with a $47 price target. The analyst believes investors should not be concerned about the Apple Watch taking away market share from FitBit as “the business is growing ridiculously fast.” He noted, “Apple’s current presence in fitness watches doesn’t represent a risk to Fitbit, in our view, and in the absence of a product launch from Apple, we think Fitbit’s growth can exceed expectations, with competitive concerns likely proving overdone at current levels.”
R.W. Baird analyst William Power also weighed in on Fitbit on September 15 following a meeting with Fitbit management last week, reiterating an Outperform rating on the stock with a $54 price target. The analyst acknowledged the company’s focus on “more user engagement over time.” He noted, “the company believes that new features, like heart rate monitoring, should continue to improve engagement. As the base grows, improving engagement to help drive upgrades will become more important.”
Analysts who have rated Fitbit within the past three months; 10-bullish, 5-neutral. The average 12-month price target on Fitbit is $53.69, marking a 62.5% potential upside from current levels.
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