Wedbush Raises PT on GoPro (GPRO) to $17.50 Following HERO5s and Karma Drone Unveils
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
Wedbush analyst Nick McKay reiterated an Outperform rating and boosted his price target on GoPro (NASDAQ: GPRO) to $17.50 (from $14.50) after the company unveiled the HERO5 camera and Karma drone. The analyst called it a compelling feature set, suggesting the products were worth the wait.
McKay commented, " After a series of missteps over the last six quarters, including the weak HERO4 Session launch, no HERO5 launch last year, a negative pre-announcement in January, and the earlier Karma delay, 2H:16 may be an inflection point. Given its history of innovation, GoPro may overcome its doubters and see upside if the HERO5s and Karma drone are well-received."
The analyst said much like the two new cameras, the Karma drone's appeal is due to its (apparent) simplicity. "The drone fits in a portable backpack, is backward compatible, and uses a game-style controller, instructional tutorials, and four Auto Shot Paths to make video capture more straightforward," he notes. "Our FY:16 and FY:17 unit shipment estimates for Karma of 150,000 and 500,000 may prove conservative."
Shares of GoPro closed at $15.31 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- FBR Capital Cuts Price Target on Express (EXPR) Following 3Q EPS Miss
- Shopify (SHOP): CFO Meetings Indicate Strong Growth Ahead - Wedbush
- Mizuho Securities Adjusts Estimates Following Gap, Inc. (GPS) Comp Miss
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change
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!