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Analysts say Fitbit is in Good Shape and ready to sprint.
According to research, Fitbit is outselling rival Apple Watch and the future for the wearable tech seems to be pretty bright.
I myself own a Fitbit Flex and find it to be a good companion to help me keep track of my daily activities. You may find more about the review on the product here: Fitbit Flex [Review]
With the news on Fitbit outselling Apple Watch and an expected increase in sales, Fitbit Inc. are surging more than 13% in Tuesday trading. The stock has jumped more than 50% since their debut on the stock exchange. Sources from Forbes website is saying that RBC Capital Markets are bullish of the company's prospect and this could just be the beginning and giving it a $45 per share price target and a rating of outperform. As of now, the counter is at $40.81 per share.
Forbes website states that RBC analyst Mark Sue wrote in the research report: “Fitbit, with its strong brand, has grown faster than the market and is the clear market leader. The focus on connected health is a key differentiator for Fitbit and over time, we believe that the company has the opportunity to become the technology platform of choice for consumers who are looking to improve their fitness.”
The report acknowledged that competition exists and includes other popular brands like Jawbone, Garmin and Apple Watch but noted that most of these products do not overlap. For example, smartwatch buyer is generally different from someone who are looking to buy a fitness/activities tracker.
With such a good news, it's no wonder that the stock has seen such a growth ever since its' IPO.
Fitbit Inc on some good run ever since its' IPO
Disclosure: I do not hold any Fitbit Inc stocks in any way. The research report quoted is reported on Forbes website: