GoPro Upgraded To Overweight On New Product Momentum

By Jennifer BootonMarketWatch Pulse

GoPro Inc. was upgraded to overweight from equal weight at Barclays on Tuesday. Analyst Joseph Wolf also raised his price target on the action camera maker by 30%, to $65 from $50, saying new products, such as drones, 360-degree camera functionality, the compact GoPro Session and advanced Hero4; as well as acquisitions, external hires and brand strength have turned his "skepticism into optimism." Shares of GoPro climbed 3.2% to $53.70 in premarket trade. They have risen 17% over the last three months, outperforming the broader S&P 500, up 0.2%. Barclays estimates that the stock could trade to 25-times its 2017 estimated drone-enhanced earnings power of $2.61.

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