With Fitbit shares back near their price on the day after the company's IPO earlier this year, the stock is a big value and should rally by more than 80 percent over the next 12 months, according to a top analyst on the tech wearables industry.
Katy Huberty of Morgan Stanley upgraded Fitbit shares, which are down 35 percent from a high in August, to "overweight" Monday morning in a note sent to clients.
Huberty is one of the top analysts on Wall Street covering the technology sector. Her picks average a 14 percent one-year return with a 61 percent success rate and she is ranked in the top 5 percent of all analysts, according to TipRanks.com.
Hedge fund investors endorsed the Monday call from Huberty, sparking a big rally in the stock as trading began.
Here's why she likes Fitbit now…