Fitbit Shares Downgraded to Underperform by Pacific Crest
Potential lack of product demand prompted an analyst to downgrade shares of Fitbit.
Pacific Crest has downgraded Fitbit (FIT) - Get Report to UNDERPERFORM, saying that Charge 2 is off to a slow start. Charge 2 is the company's flagship holiday product. The analyst also noted that he believes a large number of Fitbit owners stop using their devices within a few months, and that will make growth challenge. Fitbit's stock is down sharply this year.
