GoPro Slumps After Oppenheimer Initiates At Sell

Shares of GoPro Inc. skidded on Friday after analysts at Oppenheimer initiated coverage of the stock with a sell rating and a price target of $45. Oppenheimer's Andrew Uerkwitz noted that although GoPro is a powerful brand, it will face challenges as it expands into a broader market, including competing with smartphones. "While we believe this will prove difficult, we also expect several new entrants to the capture market that will result in lost wallet share or lower gross margins, and ultimately missed expectations," said Uerkwitz in a report. GoPro shares fell 9.6% to $71.51.