Fitbit stock climbs stairs with bullish RBC report
Fitness device maker Fitbit (FIT) bounced back from a post-IPO swoon on Tuesday after RBC Capital Markets initiated coverage of the stock with an outperform rating. RBC analyst Mark Sue set a price target of 45 on Fitbit stock. Fitbit went public at 20 on June 18 and climbed as high as 40.45 on June 22. On Monday, it closed at 33.28. In midday trading, Fitbit stock was up 10%, near 37, on the stock market today. “The connected health/fitness market is in the early growth stages,” Sue said. “Fitbit is rapidly gaining share, and we see increasing unit/ASP (average selling price) growth with a platform approach.” He predicts that Fitbit revenue will grow 83% this year and at least 29% next year, helped by international distribution and corporate wellness adoption. Fitbit will ship, conservatively, about 16 million fitness trackers this year, up 43% from 2014,…