Piper Jaffray analyst Erinn Murphy was out pounding the table on GoPro Inc (NASDAQ:GPRO) Tuesday, upgrading shares from Hold to Overweight, while maintaining $55 price target, which represents a potential upside of 24% from where the stock is currently trading.
Murphy noted, “We believe this is a brand that is seeing rapid adoption that ranges from the outdoor enthusiast and the adventure “junkie” to the daily user. More importantly, we see this as a brand that is currently benefiting from not only unit expansion but underlying pricing gains.”
“Importantly, on the heels of our 29th semiannual Taking Stock With Teens survey, we saw teen family ownership of GoPro’s move up 70 bps sequentially and 520 bps year-over-year–with family ownership nearing 18%. In an unaided question, 1.57% listed GoPro on their wish lists–up from 0.64% last year.”, the analyst added.
Bottom line: “We view GPRO as a strong, authentic consumer brand that is currently benefiting from not only unit expansion but underlying pricing gains and is continuing to capture an engaged consumer who is spending more time within the GoPro ecosystem.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Erinn Murphy has a total average return of 0.8% and a 48.0% success rate. Murphy is ranked #2186 out of 3574 analysts.