Fitbit's Stock Target Reduced To $30 At SunTrust, But Analysts Stay Bullish

Fitbit Inc.'s stock target was lowered to $30 from $48 at SunTrust Robinson Humphrey on Tuesday, though analyst Robert Peck reiterated a buy rating on the stock, saying the company's long-term fundamentals remain strong. The axed target is a reflection of a recent pullback in Fitbit's stock. Its shares have plunged 52% over the last three months, versus a 7.5% decline for the S&P 500. They were inactive in premarket trade, after closing around $17.97 on Friday. However, Peck said fourth-quarter revenue estimates on Fitbit seem conservative despite data pointing to strong holiday sales, and said the pullback has created an "attractive buying opportunity" for long-term investors. Wall Street remains overwhelmingly positive on Fitbit despite the stock's recent performance. The average rating on the stock among nearly 20 analysts surveyed by FactSet is the equivalent to buy, while the average target currently sits at $42.