Dougherty & Co Downgrades GoPro (GPRO) to Sell Following Drone Recall
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Dougherty & Co downgraded GoPro (NASDAQ: GPRO) from Neutral to Sell with a price target of $6.00.
Analyst Charles Anderson commented, "We are lowering our rating on GoPro from Neutral to Sell and establishing a $6PT. Our concerns are threefold: 1) the company has had multiple operational stumbles, the latest being the Karma drone recall 2) Hero 5 camera demand looks weak thus far in the metrics we track 3) valuation looks elevated considering shares have traded as low as 0.5 EV/S vs. the 0.9x it is currently trading vs. our FY17 revenue estimate of $1.3B. Our new $6PT is based on 0.5x EV/S our FY17 revenue estimate
Shares of GoPro closed at $10.86 yesterday.
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