Shares of GoPro Inc (NASDAQ:GPRO) rose nearly 13% on Tuesday, after the action camera maker reported second-quarter earnings results that beat Street’s estimates on both the top and bottom lines. GoPro posted revenue of $220.7 million, above analyst forecasts of $194 million, and a loss-per-share of ($0.52), compared to consensus estimates of ($0.58).

However, Piper Jaffray analyst Erinn Murphy remains bearish on the stock, reiterating an Underweight rating, with a price target of $6.50, which implies a downside of 50.5% from current levels.

Murphy commented, “While GPRO did best our expectations for Q2, we are maintaining our UW rating following Q2’s release tied largely to the “unknowns” that are ahead of us this Holiday season. Despite the company’s $32M sales beat vs. our estimate, FY16 sales guidance was held the same. Further, gross margin in 2H is forecasted to be 40% +/- 100 bps–below our former 41.1% rate. OpEx, while forecasted to be “up modestly” sequentially in Q2, was up 16% (up 11% adjusted for one-time expense) and mgmt is guiding OpEx dollars to seq. increase in both Q3 and Q4. As such, our 2H estimates are coming down slightly. We are keeping a slight profit in Q4–consistent with mgmt.’s directional guidance.”

As usual, we recommend taking analyst notes with a grain of salt. According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Erinn Murphy has a yearly average return of -6.7% and a 41.1% success rate. Murphy has a -13.2% average return when recommending GPRO, and is ranked #3903 out of 4087 analysts.

Out of the 21 analysts polled by TipRanks, 6 rate GoPro stock a Buy, 13 rate the stock a Hold and 2 recommend Sell. With a downside potential of 1.0%, the stock’s consensus target price stands at $13.