NEW YORK (TheStreet) -- Barclays lowered its price target on Fitbit  (FIT) - Get Report  to $24 from $49 on Wednesday, however the firm maintained its "overweight" rating on the stock. 

Earlier this week, the provider of health and fitness products provided weak 2016 first quarter earnings and revenue guidance.

Fitbit's manufacturing costs should rise during the first quarter as the company increases production of the FitbitBlaze and Fitbit Alta, Barclays said. However, gross margins should improve during the rest of the year because the products have a strong margin profile, the firm added.  

Barclays analysts lowered their 2016 earnings estimate for Fitbit to $1.20 per share from $1.30 per share. 

"Despite our reduced estimates, we remain bullish on the shares of Fitbit given the exceptional growth opportunities in a nascent category," the firm added.

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Fitbit stock is falling by 2.29% to $12.78 in pre-market trading on Wednesday. 

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