- RBC's Mark Sue expects Fitbit (NYSE:FIT) to post Q2 revenue of $325M and EPS of $0.17 on Wednesday afternoon, above consensus estimates of $319M and $0.09. He also thinks RBC's street-high 2017 EPS estimate of $1.20 "may have further room for upside."
- Sue respectively forecasts Q2 and full-year fitness band/activity tracker sales of 3.7M and 16M. Fitbit recorded 3.9M unit sales in Q1 (up from 1.6M a year earlier) ahead of the Apple Watch launch, and 10.9M in 2014. "Fitbit’s stock reaction post earnings may depend on commentary related to top-line growth, units/ASPs, margins, active users, new product uptake and share gain ... Investors are asking us about competitive dynamics as Apple Watch has mostly disappointed and Garmin’s seeing a rapid slowdown in its fitness revenues."
- Shares have made fresh post-IPO highs. They're now up 149% from their $20 IPO price, and 64% from a post-IPO opening trade of $30.40.