Fitbit -4.1% as Morgan Stanley cuts to Underweight [Seeking Alpha]
FITBIT INC (FIT)
NASDAQ:AMEX Investor Relations:
investor.fitbit.com/overview/default.aspx
Company Research
Source: Seeking Alpha
Fitbit -4.1% as Morgan Stanley cuts to UnderweightFitbit (NYSE:FIT) is4.1% lower premarket as Morgan Stanley bails out with a downgrade to Underweight.The company's facing challenges in stabilizing revenues, analyst Yuuji Anderson says, adding "We think new smartwatches will be outweighed by declines in legacy products, while software opportunities in health coaching will take time to ramp." (h/t Bloomberg)The firm's cut its price target to $4 (implying 22% downside) and in a bear case could see it going to $2 if demand slows even further.See all stocks on the move »Now read:Buy Align Technology And Zoetis - Cramer's Lightning Round (3/28/18) »
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