NEW YORK (TheStreet) -- Fitbit (FIT) - Get Report  stock coverage was started by analysts at Sterne Agee CRT with a "neutral" rating and a $45 price target.

The company is a market leader in health and fitness trackers, which help consumers keep track of their daily activity such as steps, sleep, weight, exercise and heart rate, analysts stated.

While the firm is optimistic on the company's future, one concern is that it already has a high valuation, given that the wearables market is just gaining momentum, analysts added.

Overall, demand for the wearable tracking devices are booming.

Fitbit shares are falling 1.36% to $35.56 in early morning trading on Tuesday.

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