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Analyst Upgrades Fitbit Ahead of Push into MedTech Space
Financial Services, Healthtech
Fitness tracker Fitbit Inc (NYSE: FIT)’s announcement it will enter the health care and medical technology space is a bullish catalyst for the stock.
Wedbush analysts led by Michael Pachter upgraded Fitbit from Neutral to Outperform with an unchanged $6.50 price target.
Fitbit on Sept. 19 launched a new connected health platform called Fitbit Care, which combines health coaching and virtual care through a new app. The new massive opportunity marks a reversal from the company’s earlier reputation as being a “one-trick pony” that focuses only on fitness trackers.
The analysts said Fitbit’s decision to work directly with …