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Longbow upgrades GoPro; shares +4.2%

Published 10/18/2017, 09:26 AM
© Reuters.  Longbow upgrades GoPro; shares +4.2%
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  • Longbow upgrades GoPro (NASDAQ:GPRO) from Neutral to Buy with a $13 price target based.
  • Analyst Joe Wittine says the company “stabilized the ship” in early 2017 and improved execution, which isn’t priced into the current valuation.
  • Wittine also says the Google (NASDAQ:GOOGL) Clips-based selloff earlier this month was misguided because it’s not a competing product.
  • The analyst moves $30M of forecasted Q4 sales to Q1 due to planned inventory reductions. FY18 sales estimate now $1.5B with Q1 loss per share forecasted at $0.14 compared to the $0.23 loss consensus.
  • Source: Bloomberg First Word
  • GoPro shares are up 4.23% premarket.
  • Previously: GoPro shares down after Google launch event (Oct. 4)
  • Previously: GoPro up after JPMorgan (NYSE:JPM) dismisses Clips concerns (Oct. 6)
  • Now read: GoPro Is Following The Right Steps

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