Piper Jaffray analyst Erinn Murphy cut estimates and her price target on GoPro (NASDAQ: GPRO) to $15.00 (from $20.00) while reiterating an Underweight rating. The analyst cited channel checks suggesting further price pressure.

Murphy commented, "We are incrementally cautious on GPRO as we go deeper into the Holiday season and we are lowering our PT from $20 to $15. At the end of Q3, inventory was up 147% which compared to Q4 sales guidance of negative 13% to 21% Y/Y. In the last week, we have seen further price pressure on Amazon in addition to product popping up on several flash sales sites including Zulily, Groupon, and RueLaLa. Our concern is that gross margin, which is forecasted between 45.5%-46.5% in Q4 could be under pressure. We estimate every 50 bps in gross margin equates to ~$0.01 in Q4 EPS and $0.05 in FY16. We remain at $0.34 in Q4 EPS below the Street's $0.41 estimate but we are reducing our FY16 EPS from $1.35 to $1.03. Next catalysts: BBY earnings on November 19th; AMBA earnings on December 3rd & four conferences in December."

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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 $20.87 yesterday.