Shares of GoPro Inc. (NASDAQ: GPRO) popped as much as 14.6% early Wednesday, then settled to trade up 7% as of 3:30 p.m. EDT after an analyst upgraded shares of the action camera specialist after it announced its first live-streaming camera.
Continue Reading Below
More specifically, Oppenheimer's Andrew Uerkwitz increased his rating on GoPro to "outperform" from "perform." He also assigned a $9 per-share price target on the stock, representing a nearly 36% premium from yesterday's close.
To justify his relative bullishness, Uerkwitz argued that GoPro stock has "largely fallen off everyone's radar after several difficult years," but is "worth a second look" given its ongoing turnaround. To that end, recall GoPro shares surged following its most recent quarterly report in early August, when the company predicted new product launches would help it return to adjusted (non-GAAP) profitability in the second half of this year.
Regarding its latest camera line, which GoPro introduced at a launch event last week, Uerkwitz added, "With compelling features such as live streaming and gimbal-like image stabilization, we believe the products are compelling."
Uerwitz also echoed GoPro's prediction that it will return to top-line growth in 2019 -- a trend you can be sure investors will be watching closely when the company announces third-quarter 2018 results in early November. But given this vote of confidence from Wall Street in the meantime, it's no surprise to see GoPro stock climbing higher today.
10 stocks we like better than GoProWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has quadrupled the market.*
David and Tom just revealed what they believe are the 10 best stocks for investors to buy right now... and GoPro wasn't one of them! That's right -- they think these 10 stocks are even better buys.
Click here to learn about these picks!
*Stock Advisor returns as of August 6, 2018