Analyst Upgrades: Fitbit, Akebia Therapeutics, Dave & Buster's

Analysts are weighing in on wearable fitness device specialist Fitbit Inc (NYSE:FIT), drugmaker Akebia Therapeutics Inc (NASDAQ:AKBA), and eat-and-play locale Dave & Buster's Entertainment, Inc. (NASDAQ:PLAY). Here's a quick roundup of today's bullish brokerage notes on FIT, AKBA, and PLAY.

• The short week has been good to FIT, as the stock is once again basking in the glow of a positive analyst note. The shares are 1.4% higher ahead of the open, thanks to a fresh "outperform" rating and $50 price target from FBN Securities. There's a sharp divide among analysts on the Street, with seven handing out "buy" or better ratings for Fitbit Inc, and six others calling it a "hold." Elsewhere, FIT's average 12-month price target of $56.50 stands more than 59% above Tuesday's close at $35.46, and in uncharted territory for the shares. 


• AKBA has exploded in pre-market action, taking off over 87%, after the company's kidney disease drug, vadadustat, met top-line results in its Phase 2 study. As a result, Brean Capital bumped its price target up to $26 from $18. Even with this potentially huge jump out of the gate, the stock -- which closed at $7.81 yesterday -- would still be sitting at a discount of more than 50% to its all-time high of $31, tagged last June. Apparently some options traders were preparing for a breakout. During the past 10 days at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), more than 200 Akebia Therapeutics Inc calls have been bought to open, versus just four puts. 


• PLAY is set for a double-digit percentage gain out of the gate, following the company's impressive second-quarter earnings reveal. Subsequently, the stock received price-target hikes from Jefferies ($45), Stifel ($45), and Raymond James ($46). The security closed Tuesday at $37.36, and is in line to explore all-time-high territory today. This is bad news for the recent crop of bearish traders that took aim at Dave & Buster's Entertainment, Inc. Specifically, short interest rose by more than 24% during the most recent two-week reporting period. On the charts, PLAY had already added nearly 37% year-to-date, and has more than doubled since its November IPO. 

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