Dougherty & Co Starts GoPro (GPRO) at Buy

Dougherty & Co initiated coverage on pre-IPO stock GoPro (NASDAQ: GPRO) with a Buy rating and a price target of $28.00.

Analyst Charlie Anderson said, "We believe GoPro has established one of the most valuable brands in consumer technology. We also believe GoPro has set itself up for outperformance in the near‐term and has optionality with the media business. Thus, we are initiating coverage with a $28 price target and a Buy rating. Our PT is based on a $26.50 per share value for the device business (2.7x EV/Sales on our FY15 estimate) and a $1.50 per share value for the media business ($225MM valuation)."

GoPro's IPO is set to price tonight and open on Thursday with an indicated range of $21-$24.

For an analyst ratings summary and ratings history on GoPro click here. For more ratings news on GoPro click here.

Shares of GoPro closed at $82.69 yesterday.

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