"Fitbit shares plummet after Stifel downgrades to sell"
"Fitbit won't be profitable and will continue to burn through cash next year, Stifel said as it downgraded the company's stock to a sell rating. The company that once ignited a boom in fitness trackers hasn't innovated enough to keep consumers interested, Stifel wrote. Plus, it said Fitbit hasn't unlocked any meaningful business in the health-care space. "The franchise and customer database does have strategic value and the balance sheet can sustain cash burn through 2018, but absent a change in direction and sudden acceleration in health care system revenue contribution, we see shares lacking a catalyst (without profits, not even corporate tax reform)," Stifel analyst Jim Duffy wrote in a note published Friday."
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