Analyst Update: Fitbit, World Acceptance, Eli Lilly

Analysts adjusted their ratings on Fitbit Inc (NYSE:FIT), World Acceptance Corp. (NASDAQ:WRLD), and Eli Lilly and Co (NYSE:LLY)

Jun 25, 2015 at 11:40 AM
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Analysts are weighing in today on fitness aficionado Fitbit Inc (NYSE:FIT), consumer lending firm World Acceptance Corp. (NASDAQ:WRLD), and drugmaker Eli Lilly and Co (NYSE:LLY). Here's a quick roundup of today's brokerage notes on FIT, WRLD, and LLY.

  • FIT is up 2.1% at $36.75 after Leerink started coverage on the equity with an "outperform" rating and a $44 price target, with the brokerage firm citing growing interest in consumer fitness devices. Since publicly debuting one week ago, the shares have soared almost 21% -- and hit a high of $40.45 on Monday.

  • WRLD has surrendered nearly one-fifth of its value to trade at $67.81 -- and is back in the red on a year-to-date basis -- after the company decided to extend the maturity date of a revolving credit agreement. Further weighing on the shares is a downgrade to "market perform" from "outperform," and a price-target cut to $73 from $98, at FBR. Specifically, the brokerage firm said "new covenants will not restrict WRLD's core lending business but effectively prohibit repurchases and increase its cost of debt, which will drive EPS lower." World Acceptance Corp. is now trading at levels not explored since late October -- a boon to short sellers. In fact, 69.5% of the security's float is sold short, representing nearly 18 days of trading activity, at typical volumes.

  • big legal win and a round of bullish brokerage notes have LLY perched 4.5% higher at $85.94. Specifically, BofA-Merrill Lynch upgraded its outlook to "buy," while Cowen and Bernstein boosted their respective price targets to $90 and $98. As such, Eli Lilly and Co is approaching its 14-year high of $87.24, notched earlier this month. Additional upgrades and/or price-target hikes could come down the pike, too, considering the stock's current sentiment backdrop. Five of 12 analysts still consider LLY a "hold," and its average 12-month price target of $81.39 stands at a discount to current levels.

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