Analyst Update: Fitbit Inc, Best Buy Co Inc, and First Solar, Inc.

Analysts adjusted their ratings and price targets on Fitbit Inc (NYSE:FIT), Best Buy Co Inc (NYSE:BBY), and First Solar, Inc. (NASDAQ:FSLR)

Mar 31, 2016 at 2:54 PM
facebook twitter linkedin

Analysts are weighing in on wearable tech stock Fitbit Inc (NYSE:FIT), electronics retailer Best Buy Co Inc (NYSE:BBY), and solar energy stock First Solar, Inc. (NASDAQ:FSLR). Here's a quick roundup of today's brokerage notes on FIT, BBY, and FSLR.

  • After selling off on WednesdayFIT is rebounding in a big way, thanks to news the company shipped more than one million Fitbit Blaze devices since March 9 -- and has edged out Apple Inc.'s (NASDAQ:AAPL) Apple Watch as the best selling smartwatch on, Inc. (NASDAQ:AMZN). What's more, Longbow initiated coverage on FIT with a "buy" rating. The stock is now 10.6% higher at $14.82 -- though it's still lost half its value in 2016. Today's action is likely catching short sellers off guard. Specifically, short interest accounts for a lofty 15% of Fitbit Inc's available float. 
  • BBY is up 3.2% today at $32.58, thanks to a fresh "overweight" rating and $45 price target from Barclays, which said the retailer has stabilized. Best Buy Co Inc has now added 30.5% since its annual low of $24.97 from Jan. 15, but most analysts remain skeptical of the stock. More specifically, 60% of covering brokerage firms call BBY a "hold" or worse. As such, there's potential for more analysts to follow in Barclays' bullish footsteps. 
  • Lastly, FSLR is down 0.5% at $68.64, after Mizuho started coverage with a "neutral" assessment and a $71 price target. Technically speaking, the shares have been strong on a long-term basis, picking up 70.5% since their annual low of $40.25 on Aug. 24. Despite this positive price action, option traders have taken a bearish stance on First Solar, Inc. Specifically, the stock's 50-day put/call volume ratio of 1.15 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks in the 99th percentile of its annual range. Therefore, the stock could benefit from an unwinding of this seemingly unwarranted pessimism.  
For other stocks in analysts' crosshairs, read Analyst Upgrades: McDonald's Corporation, Fortinet Inc, and Verizon Communications Inc. and Analyst Downgrades: Micron Technology, Inc., Square Inc, and Target Corporation.

Minimize Risk While Maximizing Profits

There is no options strategy like this one, which consistently minimizes risk while maintaining maximum profits. Perfect for traders looking for ways to control risk, reduce losses, and increase the likelihood of success when trading calls and puts. The Schaeffer’s team has over 41 years of options trading success targeting +100% gains on every trade. Rest assured your losses are effectively limited to your initial cost at the time of making your move! Don't waste another second... join us right now before the next trade is released! 



Special Offers from Schaeffer's Trading Partners