FBN Securities maintained an Outperform rating on GoPro (NASDAQ: GPRO) and raised its price target to $100.00 (from $90.00). Analyst Shebly Seyrafi called its Q3 a blowout quarter.

"GPRO’s momentum is continuing, it has a strong product cycle that is just beginning, and the GM and ASP metrics have good upside near-term. Investors should be buying at current levels," said Seyrafi.

"The company just reported a blowout quarter with revenue of $280M being 6% above consensus, units of 1.089M being 8% above consensus, and GM of 44.5% being nicely above its target range of 42-44%. With the announcement of the HERO4 on September 29, we expect unit sales to almost double Q/Q (to around 2.1M units) in FQ4. For FQ4, the company is guiding for revenue of $550-580M, at least 10% above prior consensus of $500M, flattish GM Q/Q (but we see upside here as we expect mix to be favorable as we think that the higher-priced ($499) HERO4 Black will be a top seller, and controlled opex (up only about 8-10% Q/Q)," continued the analyst.

"Bears could make noise about EMEA and APAC (where sales are made more through distributors) being down 30% Y/Y and 12% Y/Y, respectively. However, this was due to deliberate action by the company to reduce channel inventory in front of the release of the HERO4. GPRO expects sales to each geographic region to grow Y/Y and Q/Q in FQ4. With favorable product mix (helped by the HERO4 Black, where the company is seeing “very nice acceptance”) and revenue roughly doubling Q/Q, we see upside to company guidance for GM to be flattish (at 44% +/- 50bp) in FQ4. ASP, which fell 10% Q/Q to $257 due to flushing out the prior HERO3+ Black model (so GPRO was supply constrained on this model), should move higher as company now has two products (HERO4 Black and HERO4 Silver) at $399 and above price points versus just one product before," he added.

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Shares of GoPro closed at $68.25 yesterday.