GoPro Inc (NASDAQ:GPRO) received another set of praises from analysts at Piper Jaffray in a research note released today. The research team, led by analyst Erinn Murphy, raised the price target to $66 (from $55), while maintaining an Overweight rating on the stock. The increased price target follows the company’s first-quarter earnings report in which sales were up 54% and EPS was up 136% Y/Y.

Murphy noted, “The ongoing robust growth of the brand was underscored by management’s guidance in which Q2 sales are forecasted at $380-$400M, significantly above our former $301M estimate. Q2 EPS is now forecasted at $0.24-$0.26 (Street: $0.18) and we are encouraged by the continued traction GoPro is gaining with their content globally.”

“GoPro remains in the top-ten brands on Instagram & the No. 1 YouTube brand. We are raising our FY15 from $1.45 to $1.64 and inching up our FY16 EPS to $1.93. While our estimates are higher, we still believe they are conservative. We are buyers of GPRO shares.”, the analyst added.

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Erinn Murphy has a total average return of 0.3% and a 49.1% success rate. Murphy has a 0.1% average return when recommending GPRO, and is ranked #2435 out of 3581 analysts.

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