GoPro (GPRO) Sees Early Weakness as Company Temporarily Stops Shipping to Amazon (AMZN)
- Wall Street dips on Trump protectionism, Qualcomm drag
- Yahoo! (YHOO) Tops Q4 EPS by 4c; Sees Verizon Deal Closing in Q2, Not Q1
- Aetna's (AET) Humana (HUM) Takeover Blocked by Judge as Anticompetative
- Trump signs order withdrawing U.S. from Trans-Pacific trade deal
- After-Hours Stock Movers 1/23: (REXX) (MRCY) (SYNC) Higher; (FSM) (OCUL) (CASC) Lower (more...)
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.
(Updated - October 13, 2016 7:37 AM EDT)
GoPro (NASDAQ: GPRO) is seeing early pressure after Piper Jaffray analyst Erinn Murphy highlighted that the action camera maker is not currently shipping to Amazon.com (NASDAQ: AMZN), which represents an estimated 12-14% of sales.
Following clarification Wednesday evening from GoPro management, Murphy said the company plans to resume shipping to Amazon at the end of October. Meanwhile, it has been shipping to Best Buy, other partners and their own GoPro.com channel.
If GoPro resumes shipping to Amazon by the end of October/beginning of November, the revenue shortfall would be less than their originally estimated $100 million which is predicated on four months, Murphy said.
"Nonetheless, this is a disruption of a key partner that we believe was not contemplated in guidance and we will continue to monitor the progress of this channel partner into the Holiday season," she said.
The firm reiterated their Underweight rating and $9 price target.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Stocks with Implied Volatility Movement
- Procter & Gamble (PG) PT Raised to $96 at UBS Following 2Q Report
- Gundlach sees Trump views weakening dollar, boosting TIPS demand
Create E-mail Alert Related CategoriesAnalyst Comments, Hot Comments, Trader Talk
Related EntitiesPiper Jaffray, Erinn Murphy
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!