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NEW YORK (TheStreet) -- Fitbit (FIT)  shares are getting a boost, up 1.89% to $17.09 on Wednesday after Citigroup initiated coverage of the stock this morning with a "buy" rating and a $35 price target. 

China's slowing economy has been putting pressure on the company, and adding to that is its recent launch of Blaze smartwatch that has been getting mixed reviews. 

Despite these challenges, Citigroup remains optimistic, pointing out the company's "strong growth potential and cross border expansion."

During the second half of 2016 a fitness product refresh should drive a product cycle, analysts said. 

Overall, the firm noted Fitbit shares right now offer a favorable risk/reward ratio.

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