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Fitbit: Sell, Says Pac Crest, Charge 2 Is Piling Up on Shelves

Shares of Fitbit (FIT) are down $1.32, or 8%, at $15.38, after Pacific Crest’s Brad Erickson this morning cut his rating on the shares to Underweight from Sector Weight, citing mounting inventory at U.S. retailers of the company’s flagship fitness bracelet, the “Charge 2,” which went on sale this month. The Charge 2, writes Erickson, which is Fitbit’s “flagship holiday product,” as he puts it, is seeing rising inventory levels that speak to a lack of demand, based on his conversations with retailers: We spoke with 15 big box retailers in the United States now that Charge 2 has hit full distribution.
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