Analyst William Power from Robert W. Baird maintained his Neutral rating on Fitbit Inc (NYSE:FIT) with a price target of $16, marking a 23% increase from current levels. This report came after the analyst conducted a survey of 2,000 subjects and discovered that fitness tracker interest is flatlining. Only 22.1% of survey respondents that they plan to purchase a new fitness tracker. This is down from the 23.9% who gave the same answer last quarter.

Last quarter the survey showed that out of the respondents who indicated they plan to buy a fitness tracker, 63.7% planned on buying a Fitbit. The analyst believes that this high number is due to the release of Alta and Blaze, Fitbit’s newest products that account for 33% of future sales. This quarter showed that only 57.7% plan on buying a Fitbit.

While interest in Fitbit seems to have declined since last quarter, interest in the Apple Watch picked up from 4.4% to 5.2%. Garmin, another competitor, didn’t experience any growth in interest.

The analyst is anticipating Q2 revenue and EPS to be $575.8 million and $0.10 respectively and Q3 to have revenues of $494.7 million and EPS of $0.15.

According to TipRanks, the analyst has a yearly average return of 2.6% and a 53% success rate. The analyst has a 52.8% average loss when recommending Fitbit, and is ranked #1,212 out of 4,073 analysts.

TipRanks shows that out of the 16 analysts who rated Fitbit in the last 3 months, 69% gave a Buy rating and 31% gave a Hold. The average 12-month price target for the stock is $21.17, marking a 63.10% upside from current levels.