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Photohrapher: Michael Nagle/Bloomberg *** Local Caption *** Harley Pasternak; Jordana Brewster Photohrapher: Michael Nagle/Bloomberg *** Local Caption *** Harley Pasternak; Jordana Brewster

Fitbit’s stock has more than doubled since its initial public offering on June 17, and most of Wall Street says there’s even more room to run.

At least seven firms initiated coverage on the stock this morning, with the majority rating the stock a buy and no one rating it as a sell.

Here is a quick roundup of what these firms had to say in their research notes to clients. Keep in mind that Fitbit closed on Friday at $42.10.

Stifel, Price target of $57, buy rating:

Multiple avenues for growth including: New products International market penetration Corporate wellness Subscription services Advertising revenue potential

Deutsche Bank, Price target of $50, buy rating:

Eight Reasons To Like Fitbit: Massive [total available market] (adults with smartphones in countries where Fitbit sells devices) Up For Grabs Low Smartphone Attach Rate Should Allow For Years Of Future Robust Growth, Even In Oldest Markets The Path To $50 Appears Achievable Devices Are Improving Rapidly & Product Portfolio Caters To A Broad Consumer Base Growing Ecosystem Encourages Higher Engagement & Retention Value Added Services Could Improve Engagement & Stickiness The Corporate Wellness Opportunity Fitbit Is Making Its First Big Marketing Push, Which Could Drive Additional Growth

Piper Jaffray, Price target of $52, buy rating:

While there is a rising tide of competition, we believe the two most attractive characteristics of the company are: The strength of the brand The accessibility of the brand across multiple ages, incomes and geographies. With superior growth metrics to-date and the significant potential for global growth and new product introduction, we believe FIT has the characteristics to trade similar to high-growth, consumer-facing brands such as UA, GPRO and LNKD.

SunTrust Robinson Humphrey, Price target of $50, buy rating:

Here are the five key reasons why investors should own FIT: Dominant Market Share in the U.S., Leader Globally Targeting a Large $30+ Billion Device Market Initially Becoming a Health and Wellness Platform Greatly Expands Opportunity & TAM Robust Financials: Strong Growth & Profitability Attractive Valuation

Barclays, Price target of $45, a neutral, or equal-weight, rating:

Why Equal Weight? While the company is likely the fastest growing company in our coverage universe and enjoys meaningful barriers to entry that we believe are not well understood, the share price valuation still remains too elevated to properly accommodate shareholders for the risk of owning a company in such an early stage and highly disruptive industry.

Morgan Stanley, Price target of $42, neutral rating:

While the stock is trading between our Bull and Base cases, leadership of a large and growing market merits premium valuation and a long-term view of the stock. What’s more, largely untapped corporate and international markets and significant R&D investment skew risk to the upside in 2016.

William Blair, No price target given, neutral, or market-perform, rating:

Despite our enthusiasm for the wearable market opportunity and Fitbit’s strong brand recognition and leading market share, we are initiating coverage with a Market Perform rating based on the strong stock performance in a short time.