GoPro Inc (NASDAQ:GPRO) and Red Bull today announced they are joining forces on a multi-year, global partnership that includes content production, distribution, cross-promotion and product innovation. As part of the agreement, Red Bull will receive equity in GoPro and GoPro will become Red Bull’s exclusive provider of point-of-view imaging technology for capturing immersive footage of Red Bull’s media productions and events.
GoPro’s product and brand will have access to more than 1800 Red Bull events across more than 100 countries, the companies will share content rights on co-productions, and related content will be distributed across both Red Bull and GoPro’s digital distribution networks, including The GoPro Channel, Red Bull TV, Red Bull.com and in the Red Bull Content Pool, Red Bull’s media service platform.
“Red Bull’s global scale and execution is something to be admired. This partnership is very strategic for GoPro,” said Nicholas Woodman, founder and CEO of GoPro. “We share the same vision…to inspire the world to live a bigger life. While we’ve worked closely for many years, as official partners we’ll be able to more effectively help one another execute our shared vision and scale our respective businesses. GoPro and Red Bull, as a match, are as good as it gets.”
“First person perspectives, breathtaking images and cutting edge cinematography are the hallmarks of every story told within Red Bull’s portfolio of productions and live broadcasts,” said Dietrich Mateschitz, founder and CEO of Red Bull. “As partners, Red Bull and GoPro will amplify our collective international reach, the power of our content and ability to fascinate.” (Original Source)
As of this writing, shares of GoPro are up over 7% to $9.93 in early trading. GPRO has a 1-year high of $65.49 and a 1-year low of $8.62. The stock’s 50-day moving average is $11.51 and its 200-day moving average is $14.22.
On the ratings front, GoPro has been the subject of a number of recent research reports. In a report issued on May 9, Barclays analyst Joseph Wolf reiterated a Hold rating on GPRO, with a price target of $12, which implies an upside of 29.6% from current levels. Separately, on the same day, Hilliard Lyons’ Stephen Turner maintained a Buy rating on the stock and has a price target of $17.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Joseph Wolf and Stephen Turner have a total average return of -8.9% and 7.5% respectively. Wolf has a success rate of 37.5% and is ranked #3550 out of 3842 analysts, while Turner has a success rate of 57.6% and is ranked #696.
The street is mostly Neutral on GPRO stock. Out of 11 analysts who cover the stock, 5 suggest a Hold rating , 4 suggest a Buy and 2 recommend to Sell the stock. The 12-month average price target assigned to the stock is $13.00, which implies an upside of 40.4% from current levels.
GoPro, Inc. manufactures and sells camera and camera accessories. It provides mountable and wearable cameras and accessories, which refers as capture devices. The company sells products through retailers, wholesale distributors and on the website. GoPro was founded by Nicholas Woodman in 2002 and is headquartered in San Mateo, CA.