Wedbush Downgrades GoPro (GPRO) to Neutral Following Karma Recall
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Wedbush downgraded GoPro (NASDAQ: GPRO) from Outperform to Neutral with a price target of $9.00 (from $12.00), noting too many missteps including the Karma recall.
Analyst Nick McKay commented, " We are downgrading shares of GoPro to NEUTRAL from OUTPERFORM, and lowering our 12-month price target to $9 from $12 to reflect ongoing execution issues and the Karma recall. Our revised price target reflects 0.85x our lower FY:17 revenue estimate, down from 1.0x before. We had previously recommended the shares on valuation, as we expected financial performance to improve as supply caught up with demand. A series of missteps has forced us to re-evaluate our thesis, and we are no longer willing to recommend GoPro shares at current levels."
Shares of GoPro closed at $10.86 yesterday.
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