GoPro (GPRO) Sinks as Analyst Highlights Intense Competition
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JPMorgan Upgrades GoPro (GPRO) to Overweight; Analyst Sees Positive Catalysts Despite Lockup Expiration
December 12, 2014 6:27 AM UTC(Updated - December 12, 2014 9:11 AM EST)
JPMorgan upgraded GoPro (Nasdaq: GPRO) from Neutral to Overweight, but maintained its price target at $70. Analyst Paul Coster sees positive catalysts ahead despite upcoming lockup expiration. He also said checks indicate lean channel inventory and stock-outs.
"The stock is down ~24% since its secondary offering in mid November (S&P flattish) and ~14% below our price target, and we think risk reward has tilted favorably," said Coster. "There is some near term risk associated with the Dec 23rd lock-up expiry (~15mm shares), but... More
