GoPro (GPRO) PT Raised to $66 at Piper Jaffray Amid 'Stellar' Q1, Guidance
Piper Jaffray analyst Erinn Murphy reiterated an Overweight rating and boosted her price target on GoPro (NASDAQ: GPRO) to $66.00 (from $55.00) following "stellar" Q1 results and Q2 guidance.
Murphy commented, "We are reiterating our Overweight rating and raising our price target from $55 to $66 following GoPro's stellar Q1 earnings report in which sales were up 54% and EPS was up 136% Y/Y. More importantly, the ongoing robust growth of the brand was underscored by management's guidance in which Q2 sales are forecasted at $380-$400M, significantly above our former $301M estimate. Q2 EPS is now forecasted at $0.24-$0.26 (Street: $0.18) and we are encouraged by the continued traction GoPro is gaining with their content globally. GoPro remains in the top-ten brands on Instagram & the No. 1 YouTube brand. We are raising our FY15 from $1.45 to $1.64 and inching up our FY16 EPS to $1.93. While our estimates are higher, we still believe they are conservative. We are buyers of GPRO shares."
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Shares of GoPro closed at $47.02 yesterday.