Oppenheimer analyst Andrew Uerkwitz weighed in on action camera maker GoPro Inc (NASDAQ:GPRO), taking a more positive view of GoPro’s near-term outlook and raising 2016 and 2017 estimates, following recent earnings results. Shares of GoPro are down nearly 3% in late trading Tuesday.

Uerkwitz noted, “We believe GPRO’s new flagship camera launch, leaner channel inventory, and updated software platform will help the company deliver a series of “beat-and-raise” quarters into the holiday season and early 2017. While we are positive on GPRO’s near-term outlook, we believe the company has more work to do as it faces significant headwinds to return to sustained profitability. It needs to find a way to prove sustainable long-term growth beyond the action camera (drones will help but competition will limit impact). In sum, we believe the positive setting into 2H16 may present trading opportunities for the stock, but our long-term view is unchanged. and 2017 estimates.”

“We raise our FY16 and FY17 revenues/EPS estimates from $1.35B/-$1.32 and $1.45/-$1.49 to $1.42B/-$1.15 and $1.64B/-$0.67 based on more rational opex for FY17, and a more constructive view for camera sales for 2H16 and 2017,” the analyst added.

Uerkwitz reiterated a Perform rating on GoPro shares, without offering a price target.

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Andrew Uerkwitz has a yearly average return of 6.6% and a 53% success rate. Uerkwitz has a 10.6% average return when recommending GPRO, and is ranked #450 out of 4083 analysts.

Out of the 21 analysts polled by TipRanks, 6 rate GoPro stock a Buy, 13 rate the stock a Hold and 2 recommend a Sell. With a return potential of 0.8%, the stock’s consensus target price stands at $12.69.

Read more: Here’s Why This Analyst Raised Price Target for GoPro »