Fitbit Inc (NYSE:FIT) just can’t catch a break. Its new fitness watch, the Fitbit Blaze, created some buzz at the Consumer Electronics Show and even won a few awards. But FIT stock has been stuck in a tailspin anyway, losing about 40% already in 2016.

Meanwhile, a ton of Wall Street analysts have reiterated their strong recommendations for the stock … but at the same time, they’ve been slashing price targets even as the stock has cratered.

Fitbit stock is down about 65% from its all-time high in August. And at about $18 per share, the fitness wearables company is now significantly below its offer price of $20 per share at IPO.

So what’s the score? Are the bears wrong, or is there good reason for the troubles FIT stock has been having?

I think the bears are right. Here’s why Fitbit Inc may not be a bargain here even after precipitous declines.

Fitbit Blaze Will Fizzle

Part of the challenge for Fitbit is that it’s increasingly difficult for the company to compete as the wearables market becomes incredibly saturated, and its products are being overshadowed by those from public companies Apple Inc. (NASDAQ:AAPL) and Garmin Ltd (NASDAQ:GRMN), as well as private players like Jawbone.

Consider the purported buzz over at CES about the Fitbit Blaze. Sure, the watch is more affordable than some devices at a $200 price tag vs. the Apple Watch, which starts at $349. But there are big concerns about the fact that the Fitbit smartwatch won’t allow third-party apps and is basically a beefed-up fitness tracker masquerading as a smartwatch. There’s also no built-in GPS like in its popular Fitbit Surge watch, meaning you’ll have to go for a jog with your smartphone in your pocket and sync the Blaze up if you want to track distances.

It’s hard to imagine consumers gobbling up the Blaze when there are existing Fitbit products that seem a better fit, or higher-end products from competitors.

Analysts Keep Cutting FIT Stock Targets

Before the Blaze, however, came the spate of reduced price targets as Wall Street lost hope in FIT stock.

RBC Capital Markets reiterated its “outperform” rating on Jan. 6, but cut its target from $45 to $40 per share. Then on Jan. 7, Leerink Partners cut its target nearly 40% from $81 to $49. Shortly after that, R.W. Baird significantly reduced its price target on Fitbit shares from $54 to $30.

This is a troubling trend, and the buy recommendations don’t seem like they match up with the increasingly deflated price targets from top Wall Street analysts.

After all, if it has taken them this long to slash targets after a 65% flop, there’s no guarantee that the “experts” aren’t going to cut predictions further — and belatedly — as FIT stock continues to suffer.

Fitbit Is NOT a Bargain

The big argument for investing in Fitbit now is that the forward P/E is under 16, and there is still upside even if the previous highs of over $50 a share may never be realized ever again.

However, it’s important to note that the future earnings of FIT stock are not a guarantee, and any miss on future Fitbit earnings will mean pressure for shares.

Thus far, Fitbit has had a great track record with EPS figures that have trounced expectations in its first two quarters as a public company. However, FIT stock doesn’t really have a lot of history given its recent IPO and it’s hard to consider that a durable trend.

Furthermore, the fear of competition or market saturation is real. Wearables have been booming, but history shows that consumer devices with rapid adoption don’t necessarily have staying power.

Throw in the challenges with reports that hackers are targeting Fitbit’s platform, and there are plenty of question marks around this stock that mean Wall Street is discounting FIT for good reason.

Fitbit may not be quite as overhyped as it was when it first went public, but there are still plenty of challenges ahead. In this tumultuous market, the prudent move is to steer clear of Fitbit for now.

Jeff Reeves is the editor of InvestorPlace.com and the author of The Frugal Investor’s Guide to Finding Great Stocks.Write him at editor@investorplace.com or follow him on Twitter via @JeffReevesIP. As of this writing, he did not hold a position in any of the aforementioned securities.