Fitbit Inc fka FIT

[eastunder]

And following that: There were a bunch of downgrades

http://www.streetinsider.com/stock_lookup_news.php?q=fit

Only one that seemed slightly positive

Fitbit (FIT) PT Lowered to $9 at FBN on Negative Pre-Announcement; Keeps OP as Balance Sheet Offers Some Margin of Safety


FBN Securities lowered its price target on Fitbit (NYSE: FIT) to $9.00 (from $15.00) while maintaining a Outperform rating after the company preannounced weak results for FQ4.

Analyst Shebly Seyrafi is keeping the Outperform rating noting the balance sheet gives some support – calculate “margin of safety” off of $4 (tangible equity per share less DTA).

"Even though many investors are throwing in the towel today, they should realize that at the end of FQ3 FIT had net cash per share of $2.75, and tangible equity per share of $4.42 ($3.97 excluding deferred tax assets)," the analyst commented. "Therefore, value investors may want to calculate their “margin of safety” off of a $4 number, especially considering that cash burn is not expected to be negative next year."