Wedbush Raises PT on GoPro (GPRO) to $17.50 Following HERO5s and Karma Drone Unveils

September 20, 2016 7:30 AM EDT
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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."

For an analyst ratings summary and ratings history on GoPro click here. For more ratings news on GoPro click here.

Shares of GoPro closed at $15.31 yesterday.

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