GoPro Inc (NASDAQ: GPRO) is having an incredibly strong start to the trading session this morning, and for good reason. A top Wall Street analyst weighed in with a bode of confidence, upgrading the rating and the price target. Of course, the news excited investors, sending the stock running for the top. Today, we’ll talk about:
- The analyst upgrade;
- what we’re seeing from GPRO as a result; and
- what we’ll be watching for with regard to the stock ahead.
GPRO Gains On Analyst Upgrade
As mentioned above, GoPro is having a strong start to the trading session this morning after becoming the target of an analyst upgrade. In a note Oppenheimer analyst Andrew Uerkwitz upgraded the stock from a perform rating to an outperform rating. Uerkwitz also issued a price target of $9.00, suggesting at 36% upside to the closing price on Tuesday.
In the note, Uerkwitz pointed to the fact that the company recently unveiled the Hero7 family of cameras. The analyst believes that the compelling features coming with this new line are compelling, and will lead to stronger sales. He also said that targeted marketing is going to play a key role in sales growth as well as a vastly improved software editing suite. All in all, Uerkwitz sees opportunity in GPRO ahead.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dig into the market is that the news leads to moves. In the case of GoPro, the news proved to be overwhelmingly positive. After all, when one of the most trusted analysts on the Street comes out with a bullish opinion, investors are going to listen. So, it comes as no surprise that investors are excitedly sending the stock on a run for the top. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (9:48), GPRO is trading at $7.28 per share after a gain of $0.66 per share or 9.97% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on GPRO. In particular, we’re interested in following the story surrounding the company’s efforts with regard to turning the Hero7 line of cameras into the smash hit that Oppenheimer is expecting it to be. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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