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.
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.