Piper Jaffray reiterates an Overweight rating and $68.00 price target on GoPro (NASDAQ: GPRO) ahead of 2Q15. Analyst Erinn Murphy is expecting another "beat & raise". GPRO is scheduled to report 2Q15 earnings on July 21st.

Murphy commented, "As we approach GPRO's Q2 report, we believe the current risk/reward on shares is favorable and expect another "beat & raise". Shares have pulled back recently in reaction to two factors: 1) IPO of FIT which we believe has created some money rotation; and 2) a recent competitor initiation at a Neutral citing decelerating growth. That said, we do not believe the GPRO growth thesis has changed. We remain confident GPRO will be able to exceed expectations heading into next week’s Q2 print. Our confidence is based on two recent findings: 1) our proprietary Amazon Relative Strength Index (published 6-1-2015) supporting strong momentum across both legacy and new product has strengthened over the past months; and 2) Ambarella (AMBA – Not Rated) reported results beating expectations which suggests to us that Q2's sales could be in the $440-$450M range (vs. our $396M estimate)."

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 $54.50 yesterday.