Wedbush Raises PT on GoPro (GPRO) to $17.50 Following HERO5s and Karma Drone Unveils
- Donald Trump Sworn in as 45th U.S. President
- Wall Street ends higher as Trump becomes president
- Walgreens Boots Alliance (WBA) Said to Face Antitrust Concern for Rite Aid (RAD) Fix - Bloomberg
- Bristol-Myers Squibb (BMY) Says It Won't Pursue Accelerated U.S. Regulatory Pathway for Opdivo Plus Yervoy in Lung Cancer
- Apple (AAPL) Sues Qualcomm (QCOM) Over Patent Royalties in Antitrust Case - Bloomberg
Get inside Wall Street with StreetInsider Premium. Claim your 2-week 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
- PacWest Bancorp (PACW) PT Raised to $60.50 at FIG Partners Following 4Q Report
- JPMorgan Cuts Teva Pharma (TEVA) to Neutral Amid Challenging Generic Environment
- UPDATE: SunTrust Robinson Humphrey Downgrades Health Care REIT (HCN) to Hold
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!