Fitbit, the popular wearable technology firm, has more than doubled its value since going public two months ago and analysts are suggesting the company has long-term potential linked to the smartphone market.

Although one bad day last week saw the company's stock price tumble 13 percent from a high of $51 per share, Wall Street watchers say the company is looking ahead to good times.

The company, which is best known for fitness trackers and other wellness-oriented wearables, is aiming to get 20 to 30 percent of smartphone users onto its product, according to Investors Business Daily. Company leaders pin their hopes on the fact that some consumers buy more one wearable health tracker.

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