Piper Jaffray analyst Erinn Murphy is out with a bearish forecast on GoPro Inc (NASDAQ:GPRO) on back of this morning’s news report noting the action camera giant’s management’s commentary on Black Friday sales and announcing the departure of the President from the company. Additionally, the corporate team offered new ideas as to how to meet operating expense (OpEx) goals to achieve $650 million (non-GAAP) by next year. However, GPRO management did not comment on fourth-quarter guidance.

Though shares were trending upward close to 5%, Murphy approaches the news from the standpoint of a skeptic. For the analyst, “a few things seem off,” including the fact, “This morning’s announcement does not take into account sell-ins which we believe are planned below sell-throughs for the quarter. Taking that into account, the 35% sell-through of capture devices at their U.S. leading retail partners (AMZN, BBY, TGT, WMT) for the week of BF and the 33% Y/Y sell-throughs on GoPro.com do not appear positive from our perspective.”

Therefore, “While shares are indicated up this morning on this release, we’d continue to sell shares as we believe underlying trends imply Q4’s guidance is not achievable. While mgmt. commented on sell-throughs for its capture devices during the week of Black Friday, we note that the 35% level they discussed as the read from its major U.S. retail partners is below the 37-49% sales guidance implied for Q4. Further, no comments were made on the drone, which leads us to believe this will not be ready for the Holiday season,” Murphy concludes.

As such, the analyst reiterates an Underweight rating on shares of GPRO with a $9 price target, which represents a 12% downside from current levels.

As usual, we recommend taking analyst notes with a grain of salt. According to TipRanks, analyst Erinn Murphy is ranked #4,102 out of 4,241 analysts. Murphy has a 35% success rate and faces a loss of 8.0% in her yearly returns. When suggesting GPRO, Murphy loses 1.0% in average profits on the stock.

TipRanks analytics exhibit GPRO as a Hold. Based on 16 analysts polled in the last 3 months, 1 rates a Buy on GPRO, 11 maintain a Hold, and 4 issue a Sell. The 12-monthy average price target stands at $10.17, marking a nearly 1% upside from where the shares last closed.screen-shot-11-30-16-at-05-18-pm