GoPro stock is taking off on Wednesday following an upgrade from Oppenheimer.
The good news for GoPro (NASDAQ:GPRO) comes from Oppenheimer analyst Andrew Uerkwitz. A recent note from Uerkwitz saw him changing his rating for GoPro stock. This has the firm increasing GPRO stock from a “Perform” rating to its new “Outperform” rating.
To go along with the new rating for GoPro stock, Uerkwitz also set a new price target for the company’s shares. This new price target is $9. That’s a roughly 36% increase to the stock’s closing price of $6.62 on Tuesday.
So why exactly did Uerkwitz increase his rating fro GoPro stock? The analyst has hope for a new line of cameras announced the company. This is the Hero 7 product line, which includes new features such as live streaming, reports MarketWatch.
It’s also worth nothing that this new line of cameras includes a product that the company hopes will draw in more customers with concerns about high prices. This is the Hero 7 White, which will cost $199. The Hero 7 Black is the more expensive version at $399, but it also includes image stabilization. The cameras are up for preorder now and will show up in stores by the end of the month.
“With compelling features such as live streaming and gimbal-like image stabilization, we believe the products are compelling”, a portion of Uerkwitz noted obtained by TechCrunch reads. “In summary, overlooked GoPro should be a buy.”
GPRO stock was up 11% as of Wednesday afternoon, but is down 11% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.