Speculators buying GoPro (NASDAQ: GPRO) on the on-officer video camera hype are running for the hills Thursday after more evidence surfaced suggesting the company will not participate in this red-hot market.

In his downgrade report today, JPMorgan analyst Paul Coster said the opportunity in law enforcement is "quite modest," citing comments from GoPro's CFO. Coster said, "GPRO may have traded up with TASR and DGLY as a result of growing calls for use of cameras to improve law enforcement procedures, but we think GPRO's opportunity quite modest in this context, at least based on our conversation with the CFO yesterday."

The CFO comments to Coster provides more clarity to comments made by GoPro's media head Jeff Brown to StreetInsider.com on Monday. When asked if the company has an on-officer (police) type camera product in the market or if they have any intentions of entering the market, Brown said "Nothing to date."

In the same report, Dougherty & Co.'s analyst Charlie Anderson told us: "The whole idea sounds a little far-fetched to me because the market seems 1) too small 2) to demand an always-on solution vs. GoPro’s tradeoff of amazing video quality for 3 hours of recording time. What TASR makes seems more relevant."

Shares of GoPro are down 6% today despite Coster's recommendation NOT to sell the stock despite the downgrade.