""Fitbit Inc (NYSE: FIT) shares have appreciated 29.72 percent over the past six months, from a low of $29.68 on June 18. • Leerink’s Steven Wardell has reiterated an Outperform rating on the company, while raising the price target from $79 to $81. • The company posted higher-than-expected top and bottom lines, as well as gross margins, putting to rest investor concerns regarding Fitbit's gross margins.
Analyst Steven Wardell mentioned that the company reported its Q3 revenue 14 percent above the consensus forecast, with the EPS beating the consensus by 143 percent. Shipments and GAAP gross margin were also significantly ahead of the consensus.
"We believe that these results put to bed the "rapid commoditization of activity trackers" bear thesis about Fitbit and its gross margin," Wardell stated.""
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