GoPro (GPRO) Sees Early Weakness as Company Temporarily Stops Shipping to Amazon (AMZN)
- AT&T (T) to Acquire Time Warner (TWX) for $107.50/Share
- Rockwell Collins (COL) in Advanced Talks to Acquire B/E Aerospace (BEAV) - WSJ
- Top 10 News for 10/17 - 10/21: Merger Rumors Abound; CEOs Depart; Tesla Kicks Autopilot Up A Notch
- Wall Street ends little changed; Microsoft hits record
- AT&T (T) in Advanced Talks to Acquire Time Warner (TWX) - DJ
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium 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
- Notable Analyst Rating Changes 10/21: (CHK) (NRF) (AVT) Upgraded; (MEMP) (YHOO) (WWAV) Downgraded
- Jefferies Cuts Price Target on Reliance Steel (RS) Following 3Q EPS Miss and Guidance
- RBC Capital Raises Price Target on Danaher (DHR) Following 'Clean' 3Q Report
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!