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)

Josh Selway

Mar 31, 2016 at 2:54 PM

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 Wednesday, FIT 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 Amazon.com, 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.

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