“Shares of Fitbit were soaring, up 6.25% to $40.62 in late morning trading Wednesday, adding to gains from the prior session after analysts at RBC Capital Markets issued a positive note on the newly public company Tuesday morning,” Kurumi Fukushima reports for TheStreet.
“On CNBC’s Mad Money show Tuesday night, TheStreet’s Jim Cramer, Portfolio Manager of the Action Alerts PLUS Charitable Trust Portfolio said the rally of his favorite Fitbit stock was spurred by the RBC Capital note saying revenue will grow by 83% this year,” Fukushima reports. “Cramer added that Apple is not a competitor to Fitbit.”
Fukushima reports, “‘Apple is not in the same business. A Fitbit costs a fraction of the Apple Watch,’ he said.”
Read more in the full article here.
MacDailyNews Take: Except that Apple Watch users are significantly less likely to buy a Fitbit.