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Tuesday Morning Pre-Market Insights: Fitbit Inc (FIT), Amazon.com, Inc. (AMZN), Micron Technology, Inc. (MU), Endocyte, Inc. (ECYT)

By Kate George 

Fitbit Inc (NYSE:FIT) jumped 9.13% in pre-market trading following the long weekend to $34.79 when Morgan Stanley analyst Kathryn Huberty upgraded the stock from Equal weight to Overweight and increased her price target from $43 to $58. Huberty weighed in on the wearable device company last month, noting that shares came “sprinting out of the gate” after the company’s IPO in June. At the time, she noted her bearish price target of $26 and per bullish price target of $61 in the near-term. Huberty has reiterated three neutral ratings on Fitbit since July, but it seems the analyst has now turned to the bull side. Out of the 12 analysts polled by TipRanks in the last 3 months, 8 are bullish on the wearables company and 4 are neutral. The average 12-month price target on the stock is $56.56, marking a 77% potential upside from where shares last closed.

Click here to view Katy Huberty’s rating history and performance.

Amazon.com, Inc. (NASDAQ:AMZN) is up 2.27% in pre-market trading to $510.34 after the e-commerce giant announced it will be releasing $50 tablets in order to attract buyers in time for the holiday season.  The new tablet will have a 6-inch screen and will be featured as one of the most affordable tablets, allowing Amazon to capture new customers after the company’s larger and more expensive tablets failed to capture significant revenue. However, some analysts are already questioning the quality of the inexpensive device as well as doubting the success of the $50 tablet since the rumor mill is stirring that Apple will release an updated iPad mini and iPad Pro tomorrow, which may compete with Amazon’s new product. Out of the 32 analysts polled by TipRanks in the last 3 months, 29 are bullish on Amazon and 3 are neutral. The average 12-month price target is $631.38, marking a 26% potential upside from where shares last closed.

Micron Technology, Inc. (NASDAQ:MU) spiked 3.33% in pre-market trading up to $17.38 after Ian Ing of MKM Partners upgraded the company from Neutral to Buy with a $23 price target. Ing made a series of neutral ratings on the company over the spring and summer. Many analysts have remained on the sidelines of Micron as the company, along with the rest of the semiconductor manufacturers, grapple with fluctuating DRAM prices caused by the fall of the PC. Out of the 26 analysts polled by TipRanks in the last 3 months, 19 are bullish on Micron, 6 are neutral, and 1 is bearish. The average 12-month price target on the stock is $26.27 marking a 56% potential upside from where shares last closed.

Click here to view Ian Ing’s rating history and performance.

Endocyte, Inc. (NASDAQ:ECYT) increased 7.36% in pre-market trading up to $5.40 after the biopharmaceutical company announced yesterday the final overall survival analysis from its Phase 2b trial of vintafolide used in combination with docetaxel. When the pipeline treatment was used in patients with FR positive recurrent NSCLC (lung cancer), overall survival improved by 2.7 months. Endocyte’s chief medical officer, Alison Armour, commented, “Based on the results to date from the ongoing Phase 1 dose escalation trial of EC1456, we are optimistic that this agent will represent an important improvement in the treatment landscape for NSCLC.” According to TipRanks, only one analyst has rated Endocyte in the past 3 months with a bullish rating and a $21 price target.