Like the wearables space? Buy Fitbit: Analyst

Buy Fitbit, here's why: Analyst

Investors looking to make their way into the wearables space should buy Fitbit's stock as the company is outpacing its competition, Bob Peck, Internet equity analyst at SunTrust Robinson Humphrey, said Monday.

"These are the leaders by far with an 80 percent market share in the U.S. and a global leader with north of 35 percent share, too, so there's a lot of opportunity to run," Peck said in a CNBC "Squawk on the Street" interview.

Peck made his remarks after SunTrust initiated coverage of the wearbles company's stock with a "buy" rating, citing strong financials and an attractive valuation.

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Nevertheless, Peck's company was not the only one to jump on the Fitbit bandwagon Monday. Piper Jaffray and Stifel Nicolaus, among others, also initiated coverage of the stock with "overweight" and "buy" ratings, respectively.

Fitbit banners decorate the exterior of the New York Stock Exchange during the IPO debut of the company on June 18, 2015, in New York City.
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Being the leaders within its market also means investors could get the most out of the $30 billion market that is the wearables space, Peck added.

Peck also said Fitbit is the leader within the wearables market because of its long-lasting battery and because of its compatibility with multiple operating systems, among other factors.

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"I have an Apple Watch, and I have to take it off each night to charge it, and I actually use my Fitbit to monitor my health overnight," he said.

Fitbit shares traded up about 5 percent in afternoon trade.

Disclosure: FIT is an investment banking client of SunTrust Robinson Humphrey.