Weight Watchers pops on bullish analyst call, but traders prefer another fitness stock $WW (via TradingNation)
, formerly Weight Watchers, rallied nearly 5% on Wednesday after Jefferies initiated coverage of the stock with a buy rating and a $32 price target. The firm said the coronavirus pandemic had ushered in a "durable trend" that could sustain "superior growth" for Weight Watchers: consumers prioritizing wellness.
The recent enthusiasm around Weight Watchers' prospects has been encouraging, JC O'Hara, chief market technician at MKM Partners, told CNBC's"The stock made a recent low around $10. It's trading now about $25. So, that's pretty impressive over the short term, but ... in 2018, this was a $100 stock," O'Hara said.
The $36 appeared to be the stock's ceiling of resistance until last week, when it broke through that level and "ran another 22%," O'Hara said. "There's no doubt there is a structural shift happening here. Work out from home, not just work from home, [is] here to stay," Tepper said in the same "Trading Nation" interview. "If you've spent a lot of money outfitting your home gym, it seems less like that you'd do a quick 180 as the economy reopens and go back to the gym."such as dumbbells, kettlebells and barbells as evidence for consumers investing in their home fitness setups.
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