GoPro (GPRO): Interest Doesn't Translate Into Sales - Dougherty
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Dougherty & Co analyst, Charles Anderson, reiterated his Neutral rating on shares of GoPro (NASDAQ: GPRO) after September saw improving trends in Google searches as the company continued to hit easier YOY comps and announced a handful of new products on 9/19. On the flip side, sell-through of cameras appeared to decelerate (based on app download trends) as consumers awaited new products.
September Google searches for the GoPro brand were up 16% YOY globally (vs. -18% YOY in August) and up 6% YOY in the U.S. (vs. -23% YOY in August).
YouTube searches for "GoPro"were down 16% YOY (vs. -39% YOY in August).
The GoPro app on the iPhone in the U.S. rose up the charts 4% YOY in August, decelerating from +23% YOY in August.
The Google Play app moved down the charts 10% YOY in September vs. -3% YOY in August.
Shares of GoPro closed at $16.74 yesterday.
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