Wedbush Raises PT on GoPro (GPRO) to $17.50 Following HERO5s and Karma Drone Unveils
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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."
Shares of GoPro closed at $15.31 yesterday.
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