Shares of Fitbit Inc. jumped 10% Wednesday morning after analysts raised revenue estimates due to the company’s strong sales of its new Alta and Blaze devices. In a note Wednesday, Citigroup analysts said they expect “significant global expansion” for Fitbit in 2016 and called the stock “inexpensive” given the opportunities ahead. Citigroup analysts reiterated a buy rating and $30 price target. In a note Tuesday, Pacific Crest analysts also looked to the strong sales of Fitbit’s new products and called the stock “attractively priced.” The analysts remained sector weight, however, as they still have concerns on user growth and product differentiation.
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