DA Davidson analyst Tom Forte upgraded Fitbit to Buy and raised his price target to $7 from $5.50 after its Q4 results and outlook for Q1 and FY19. The analyst attributes the upgrade to his view of “improvements that the management has made to the company’s operating results, including a return to both unit and sales growth.” Forte is also positive on Fitbit’s “attractive balance sheet” and the progress made in its healthcare services efforts, saying the risk/reward on the stock is favorable given the after-market decline in the share price.
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