Analyst Upgrades: Fitbit Inc, Red Hat Inc, and Rewalk Robotics Ltd

Analysts are weighing in on wearables brand Fitbit Inc (NYSE:FIT), software concern Red Hat Inc (NYSE:RHT), and medical device company Rewalk Robotics Ltd (NASDAQ:RWLK). Here's a quick roundup of today's bullish brokerage notes on FIT, RHT, and RWLK.

• FIT was started with a "buy" rating and $38 price target at Mizuho Securities, lifting the stock 1.4% to $28.20. The shares needed a boost, too, as they're still down almost 46% since their record high of $51.90 in early August. Analyst optimism is common for Fitbit Inc, which has received 13 "buy" or better ratings, versus six "holds" and not a single "sell." However, short sellers have been ramping up their bearish bets. Short interest jumped 40.7% during the latest reporting period, and now accounts for 46.2% of FIT's total float.

• RHT reported better-than-expected earnings and an upbeat full-year forecast last night, prompting no fewer than 10 analysts to bump up their price targets. Stifel and Susquehanna set the highest bar, each forecasting a move up to $97 -- territory not charted since early 2000. Red Hat Inc has since added 5.3% to trade at $83.05, earlier touching a 15-year high of $83.99. Option bears could be getting nervous. During the last 10 days at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), traders have bought to open 1.78 RHT puts for every call -- a ratio that ranks in the 92nd percentile of its annual range. An unwinding of these downbeat bets could help usher the shares even higher.

• RWLK is up 7.5% at $11.82, thanks to a price-target hike to $11 from $9 at Barclays. Just yesterday, the shares soared 83.3% after the U.S. Department of Veterans Affairs issued a national policy to pay for Rewalk Robotics Ltd exoskeletons to help paralyzed military veterans walk. More upside could be in store if short sellers start hitting the exits. Currently, the stock's short-interest ratio is 12.80, indicating it would take nearly 13 sessions for short sellers to cover their positions, at RWLK's average trading volumes.