Fitbit (FIT) is down nearly 10% today on a downgrade by Pacific Crest. The analyst suggests that channel checks indicate that the Charge 2 is not selling well. The stock is now trading at $15 while the analyst sees a target price of only $11. The Charge 2 and Flex 2 were released at the end of August and only recently hit the retail stores. As a typical holiday gift, the rush to purchase during September has to be questioned and the inventory levels are clearly positioned for Q4 sales. Gizmodo claims the Charge 2 is the best fitness tracker on the market so I'm not that worried about holiday sales. FitBit is now worth roughly $3.4 billion with a target of revenues reaching $2.6 billion this year. One definitely wants to watch for other data points on sales, but at this point dips are buying opportunities. Disclosure: No position