Categories Analysis, LATEST, Other Industries

Oppenheimer bullish on GoPro after HERO7 launches

GoPro (GPRO) has a new growth strategy and Oppenheimer seems optimistic about it. An analyst at the firm has changed the stock’s rating from Perform to Outperform and has set the price target at $9. GoPro unveiled three new products last week, which helped build the firm’s confidence in the company and its new strategy.

Oppenheimer pointed out that the company has reduced its operating expenses significantly. By launching new products which are easy to use, reducing inventory and eliminating the unsuccessful elements from its business, the firm believes GoPro is on track to achieve growth in 2019.

Last week, GoPro launched the HERO7 camera in three models – Black, Silver and White. HERO7 Black, the flagship model priced at $399, comes with similar traits as its antecedent Hero 6 but with the addition of an innovative video stabilization feature called HyperSmooth Stabilization.

Oppenheimer believes GoPro is on track to achieve growth in 2019

The HERO7 Silver and White models come with fewer features than the HERO7 Black, do not have HyperSmooth Stabilization and are priced at $299 and $199, respectively.

GoPro CEO Nick Woodman told The Verge that the company plans to sell only the three Hero 2018 models for the time being and is also considering the removal of certain accessories like handheld stabilizers.

GoPro aims to reach out to the social media-savvy young generation with these novel features and Woodman believes the company will be able to achieve profitability this year. GoPro had struggled earlier in 2018 after problems with its Karma drone forced it to shut down the operation and lay off 20% of its workforce. There were also speculations that the company could be acquired.

The stock soared 10% earlier in the day following the upgrade and is now trading over 6% at $7.07 as of 3:20 pm ET.

Most Popular

Thermo Fisher Scientific (TMO) Q4 earnings drop despite higher revenues

Thermo Fisher Scientific Inc. (NYSE: TMO) announced fourth-quarter 2022 financial results, reporting a double-digit fall in adjusted earnings and an increase in revenues. Fourth-quarter revenues increased 7% annually to $11.5

Altria Group (MO) Q4 2022 Earnings: Key financials and quarterly highlights

Altria Group Inc. (NYSE: MO) reported fourth quarter 2022 earnings results today. Net revenues decreased 2.3% year-over-year to $6.1 billion. Net earnings attributable to Altria increased 65.6% to $2.6 billion

AMD Earnings: Advanced Micro Devices Q4 revenue up 16%, profit drops

Semiconductor company Advanced Micro Devices, Inc. (NASDAQ: AMD) reported a decline in fourth-quarter earnings, despite an increase in revenues. Earnings, excluding special items, dropped to $0.69 per share in the

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top