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Fitbit upgraded to Overweight from Equal Weight at Barclays
Barclays analyst Matthew McClintock upgraded Fitbit (FIT) to Overweight saying the 26% pullback in shares over the past 30 days is unjustified. New product launches, new corporate wellness deals and margin improvement should provide share catalysts over the next year, McClintock tells investors in a research note. Current valuation levels "are just too compelling to ignore" now that potential headwinds from the Nike (NKE) and Under Armour (UA) analyst days as well as initial performance from Apple (AAPL) Watch are in the rearview mirror, the analyst contends. He keeps a $49 price target for Fitbit shares. The provider of health and fitness products closed Friday down 16c to $27.80