Fitbit Climbs Off Record Low Following Bullish Wedbush Note

Fitbit shares are rising Friday following a bullish note from analysts at Wedbush.
By Tony Owusu ,

Fitbit Inc. (FIT) - Get Report shares were up 6.22% in premarket trading on Friday, Oct. 12, lifting the med-tech company from its all-time low following a bullish note from analysts at Wedbush. 

Wedbush analyst Michael Pachter increased his rating to "outperform" from "neutral," where the firm has had the stock rated since November 2016. 

"We've warmed up. We think Fitbit has an excellent opportunity ahead with MedTech, particularly in collaboration with Google," Pachter wrote in his note. "Additionally, shares have recently pulled back well below our $6.50 price target, providing an excellent opportunity to get involved in the Medtech vertical at a reasonable price."

Fitbit shares have been caught up in the recent market selloff, plunging 11% over the past five sessions. The stock has dropped 22% so far this year.

Google is a subsidiary of Alphabet Inc. (GOOGL) - Get Report , a holding in Jim Cramer's Action Alerts PLUS

Loading ...