Oppenheimer analyst Andrew Uerkwitz reiterated his Perform rating on GoPro (NASDAQ: GPRO) saying he sees an unclear picture the rest of the year. However, the firm can point to as many positives as negatives and a month before holiday season starts, they find many conflicting factors that may swing sentiment either way.

The analyst highlighted:

ASP Trend Unfavorable: We believe GPRO's ASP peaked in 2014, a year earlier than we expected. This is due to an early discount on Hero4 Session, and the lack of flagship model refresh. We expect a round of discounts to Hero4 Black and Silver into the holiday season, which puts further pressure on ASP.

More Stores Mean More Sales? On the brighter side, GoPro has a much stronger retail presence with broader geographic coverage heading into this holiday season. Its total retail outlets grew from 25,000 to over 40,000 in a year. We believe 2H15 sell-through data points from those new stores are critical to make calls for 2016.

Model Changes: We lower our 4Q15 and 2016 revenues/EPS estimates from $723M/$0.91 and $2,175/$1.83 to $687M/$0.69 and $1,984M/$1.39. The cuts in 4Q15 was attributed to weaker expected performance in North America. Our 2016 estimate changes assume no quad-copter revenues, continued decline in the core camera market, higher opex, and minimum media content monetization.

OpCo vs. Street on 2016 Estimates: We believes consensus is overly optimistic about 2016—recent revisions only reflects near-term product cycle issue at GPRO, but our estimate reflect an irreversible structural decline in the camera market. This holiday season will go a long way in determining who is right.

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 $27.60 yesterday.