Wedbush Retains Outperform on GoPro (GPRO) Amid Faith in HERO5s and Karma Potential
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Wedbush analyst Nick McKay cut his price target on GoPro (NASDAQ: GPRO) to $12.00 (from $17.50) following weak results on supply issues but retains an Outperform rating saying the remain confident in the sales potential of the HERO5s and Karma.
McKay commented, "We believe that the new HERO5 cameras and Karma drone have compelling feature sets and superior branding that should make them popular with an increasing number of consumers as supply constraints ease. Despite execution missteps, we are unwilling to give up on GoPro shares until we get better clarity into the sustainability of sales once the HERO5s and Karma have fully ramped. We remain OUTPERFORM-rated on valuation."
Shares of GoPro closed at $11.94 yesterday.
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