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Fitbit: Raymond James, Morgan Stanley Defend ‘Charge 2? Demand

In response to yesterday’s downgrade of Fitbit (FIT) by Pacific Crest’s Brad Erickson, a couple of bulls on the stock Friday came to the company’s defense. Erickson had opined that inventory of the "Fitbit Charge 2,” introduced this month, may already be piling up on retailers’ shelves. Tavis McCourt with Raymond James, who maintains an Outperform rating on the shares, wrote that “in general we view these concerns as overblown and think a roughly 10% discount is likely a good opportunity leading into a 3Q print that has higher upside risk than downside risk, in our opinion.
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