A Look At How Fitbit's Earnings Affected Analyst Price Targets

Fitbit Inc (NYSE: FIT), the maker of fitness tracking devices, reported on Tuesday its second-quarter results, which resulted in a 10 percent rally in the stock Wednesday morning.

Fitbit said it earned $0.12 per share in the second quarter on revenue of $586.5 million. Wall Street analysts were expecting the company to earn $0.11 per share on revenue of $578 million.

Looking forward to the coming quarter, Fitbit guided its earnings per share to a range of $0.17 to $0.19 on revenue of $490 million to $510 million. By comparison, analysts were already modeling Fitbit to earn $0.17 per share on revenue of $498 million.

Related Link: Longbow Research Sees Fitbit Continuing To Take Market Share In Affordable Wearables

Finally, the company guided its full-year fiscal 2016 earnings per share to a range of $1.12 to $1.24 on revenue of $2.5 to $2.6 billion. This compares to Wall Street's estimates of $1.17 per share and $2.58 billion.

Here is a summary of what Wall Street analysts think of Fitbit and its outlook following its earnings print. Of note, the average price target among these analysts is $26, implying a potential upside of around 84 percent for Fitbit's stock.

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