Fitbit Winning New Fans; Stock Doubles Following June IPO
SAN FRANCISCO (CBS) - Fitbit's (FIT) bandwagon is continuing to grow.
A research note from Baird says sales estimates could be on the conservative side, and the analyst expects strong momentum to continue to lift the stock higher, which has already doubled since its IPO was priced at $20 in June.
Baird gives the San Francisco startup an Outperform rating, and a price target well above the current stock value.
There have been critics of Fitbit, believing the company will struggle to fend off bigger entrants into wearables like Apple.
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