Analyst Update: Fitbit Inc, Logitech, Plantronics

Analysts adjusted their ratings and price targets on Fitbit Inc (NYSE:FIT), Logitech International SA (USA) (NASDAQ:LOGI), and Plantronics Inc (NYSE:PLT)

Josh Selway

Feb 2, 2016 at 2:08 PM

Analysts are weighing in today on wearable device enthusiast Fitbit Inc (NYSE:FIT), hardware maker Logitech International SA (USA) (NASDAQ:LOGI), and headset producer Plantronics Inc (NYSE:PLT). Here's a quick roundup of today's brokerage notes on FIT, LOGI, and PLT.

FIT hasn't been able to take advantage of a fresh "outperform" rating at Oppenheimer, with the stock last seen off 2.3% at $16.33. Coming into today, FIT had underperformed the S&P 500 Index (SPX) by over 52 percentage points over the previous 60 sessions. Making matters worse, Fitbit Inc's 10-day moving average may be acting as resistance. Regardless, a large portion of Wall Street remains in the bulls' corner, with 15 of 20 analysts calling FIT a "buy" or better, while none say it's a "sell."

Less than two weeks after revealing strong quarterly results, LOGI is trading off due to bearish analyst attention. Specifically, the shares are 7.7% lower at $14.60, after Morgan Stanley cut its rating for Logitech International SA to "underweight" from "equal weight," while lowering its price target to SFR 13.8 from SFR 14.5. The brokerage firm stated its concern about the company's high exposure to the "structurally-challenged" personal computer market. It's been an up-and-down year for the shares, which are currently testing support near their 100-day moving average. Short sellers are hoping today's sell-off continues, though. At average daily volumes, the nearly 17 million LOGI shares sold short would take an astonishing 36.5 days to buy back.
PLT hit a three-year low earlier of $33.32, and was last seen off 24% at $34.01, following the company's fiscal third-quarter earnings report -- which revealed disappointing revenue and included weak current-quarter sales guidance. Meanwhile, Raymond James lowered its outlook to "underperform" from "outperform," while Northland Capital cut its price target to $54 from $61 and J.P. Morgan Securities slashed its target to $53 from $62. Plantronics Inc is now off over 42% since its all-time high of $58.73 in July, and speculators are likely hoping for more downside. Specifically, 10 puts have been bought to open for every call during the past two weeks at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX).

For other stocks in analysts' crosshairs, read Analyst Upgrades: Alphabet Inc, Mattel, Inc., and Netflix, Inc. and Analyst Downgrades: Twitter Inc, SolarCity Corp, and Transocean LTD.

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