JPMorgan Upgrades GoPro (GPRO) to Overweight

JPMorgan analyst Paul Chung upgraded GoPro (NASDAQ: GPRO) from Neutral to Overweight with a price target of $15.00 (from $13.00).

The analyst comments "We are upgrading GPRO from Neutral to Overweight on strong execution, underscored by the pivot to DTC, respective high sub attach rate on GoPro.com, and increase in prices, all of which are driving gross margins structurally higher, increasing revenue visibility, smoothing out revenues in the longer term, and ultimately driving record FCF in 2021, which is on pace to be greater than the cumulative FCF performance since IPO. We raise estimates slightly and note that our prior sub projections were a bit conservative with which our price target goes to $15.00."

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 $11.55 yesterday.

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