Dougherty & Co analyst Charles Anderson said Fitbit's (NYSE: FIT) Blaze product appears to be exceeding expectations which could boost the stock near-term.
"We have consistently said that Fitbit is likely to trade in sympathy with how well its new products are received by the market. While it is early, we can say with confidence that the Fitbit Blaze looks to be exceeding expectations out of the gate," Anderson. "Thus, we would not be surprised to see the stock outperform in the near-term. In order for us to get more constructive on the stock, we would look for these trends to continue as well as observe a similarly positive launch for the Fitbit Alta."
The firm remains on the sidelines with a Neutral rating.