Fitbit Is Gaining Market Share (Especially Among Women)

• Shares of Fitbit Inc FIT have risen 7.48 percent in the last three months.
• Piper Jaffray’s Erinn E. Murphy has reiterated an Overweight rating and price target of $60 on the company.
• Piper Jaffray’s fifth semi-annual Women's Survey suggests increasing interest in fitness wearables, with 68 percent respondents preferring Fitbit’s products.

The survey revealed increasing interest in fitness bands, apps and smartwatches, with 18 percent of the women already owning one of the products and 19 percent intending to purchase a fitness wearable in the next six months. In addition, 32 percent women said that they were using a fitness app.

Related Link: Why These Analysts Bought Fitbit All Of A Sudden

Fitbit was revealed to be the most preferred fitness band brand, while the company’s fitness app achieved the No. 2 spot for popularity and the smartwatch achieving the No. 3 spot.

The survey also indicated that the outlook for the fitness band category was improving, as compared to six month ago and that “Fitbit's overall mindshare grew.” While Fitbit’s fitness band was preferred by 68 percent, the brands that came in at the No. 2 and 3 positions were only preferred by about 6 percent of the respondents.

Murphy believes that “the near-term story on FIT is compelling as category interest is trending positive, brand traction continues to gain & new accounts continue to pick up steam into the holiday season.”