JP Morgan Remains Overweight On Go Pro (GPRO), Cautious On Firms' Execution, Keeps $13 PT
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JP Morgan analyst Paul Coster comments on Go Pro (NASDAQ: GPRO) "We are cutting Karma revenues from our 4Q16 estimates and reducing Drone-related revenue through 2018 on the assumption that GoPro takes a cautious approach to rolling out this new product-line. We are also adjusting one-time and FAS123 charges through 2018 to better represent the 4Q16 restructuring. GoPro introduced modest software upgrades at CES, and maintains a leadership position in the action-camera and video capture-manage-share space."
Coster gives three reason he remains Overweight:
- GPRO enters 2017 with a new Hero product line-up and is positioned to post strong y/y growth against easy comparisons.
- The restructuring was done quickly and we believe the company may approach profitability in 2017, surge into the black in 2018.
- The value of GoPro’s software, the strong brand, the magnitude of the social media presence could make this company of interest to strategic investors at the current market cap, we believe.
Shares of Go Pro closed at $9.07 Friday.
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