GoPro (GPRO) PT Raised to $60 at Piper Jaffray as Ambarella's Results Bode Well For Strong 2H

Piper Jaffray analyst Sean Naughton reiterated an Overweight rating and boosted his price target on GoPro (NASDAQ: GPRO) to $60.00 (from $48.00) saying strong results released by supplier Ambarella (NASDAQ: AMBA) bodes well for the second half. The analyst also said "embrace the volatility."

Naughton commented, "While not likely to be a popular decision, we are maintaining our Overweight rating and raising our price target to $60 as we remain bullish on the near and long-term outlook for GoPro. We believe GoPro's near-term trends are tracking at least in-line with guidance based on the strong results released by supplier Ambarella on Thursday afternoon. On a medium to longer-term basis, we remain confident in GoPro's ability

to bring new consumers into the ecosystem as our survey results point to strong new customer adoption. We believe there could be additional near-term volatility in shares as we suspect much of the strength in GPRO shares until yesterday was driven by short covering. However, we would use weakness as a buying opportunity."

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 $53.08 yesterday.

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