Fitbit Inc (NYSE:FIT) launched upgraded products today, Flex 2 and Charge 2, accompanied by new accessories, coupled with new software features for existing products. On the heels of the launch, Morgan Stanley analyst Jerry Liu reiterates an Overweight rating on FIT with a price target of $31, which represents a close to 102% increase from where the shares last closed.

Liu believes, “Over time, these updates should increase adoption and engagement. In the near term, fitness trackers will be very popular this holiday season, and Fitbit is the main beneficiary.” From Liu’s perspective, the fitness tracking giant made great strides in its design and software over the past year, and views Flex 2 and Charge 2 as a reflection of these improvements.

Additionally, Liu notes that Fitbit can likely better its engagement and retention through efforts of increased personalization and customization, such as with new software features such as Cardio Fitness, Guided Breathing Sessions, and new clock faces designed for an enhanced personalized user experience.

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For the analyst, FIT’s risk/reward is “very attractive,” expressing, “We continue to like the stock, driven by new products and a strong 4Q. Fitness trackers are once again one of the most popular holiday product categories. Fitbit has cemented its leadership position and just refreshed its two most popular products. New software features and new accessories also provide a small boost for existing products. While Apple will most likely refresh the Watch on September 7, we think the market is large enough for both players with limited overlap between these two brands.”

As usual, we recommend taking analyst notes with a grain of salt. According to TipRanks, two-star analyst Jerry Liu is ranked #2,814 out of 4,129 analysts. Liu has a 43% success rate and loses 0.8% in his annual returns. However, when recommending FIT, Liu earns 1.5% in average profits on the stock.

TipRanks analytics exhibit FIT as a Buy. Based on 17 analysts polled in the last 3 months, 11 rate Buy on FIT, while 6 maintain a Hold. The 12-month average price target stands at $20.90, marking a nearly 36% increase from where the stock is currently trading.Screen Shot 08-30-16 at 06.38 PM