JPMorgan analyst Paul Coster reiterated an Overweight rating and boosted his price target on GoPro (NASDAQ: GPRO) to $75.00 (from $70.00) as the pace of innovation at the company gathers momentum.

"The pace of innovation at GoPro continues to gather momentum, adding to the firm’s differentiated position in the market, which should translate into strong capture-device growth through 2016 and into 2017, and yield media and software revenue opportunities," the analyst said.

He added, "In quick succession we have witnessed several major developments, including an Alpha version of the cloud-hosted GoPro app, solutions that democratize the creation of virtual-reality content, an off-cycle Hero device that integrates touch LCD, and the signaled intent to introduce a GoPro drone in 2016. The competitive moat seems to be getting wider and deeper."

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Shares of GoPro closed at $58.40 yesterday.