Fitbit Shares Climb as Morgan Stanley Analysts Reaffirm 'Outperform'

Shares of the wearable-fitness apparel were higher Tuesday after analysts with Morgan Stanley published a bullish report.
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Shares of Fitbit (FIT) - Get Report were higher Tuesday after analysts with Morgan Stanley reiterated their OVERWEIGHT rating and a 12-month price target of $31 a share. Fitbit launched two new models of its wearable fitness products Monday -- the Charge 2 and the Flex 2 -- with the Charge 2 having a larger display and more-specific tracking features. The Flex 2, meanwhile, is a slimmer, waterproof wearable that includes a removable tracker. Morgan Stanley said the new line of accessories could help boost sales and profit margins.

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