GoPro’s stock price opens over 10% on stock upgrade

GoPro’s stock price is on a bit of rebound this morning. The stock opened at $7.36, up from its previous close of $6.62, and is continuing to climb on news that Oppenheimer analyst Andrew Uerkwitz is now bullish on the action camera maker. He cites optimism around GoPro’s refreshed product line.

Uerkwitz changed his rating on the company from perform to outperform and issued a stock price target of $9, up 36% from GoPro’s most recent close of $6.62. GoPro last traded at $9 a share in November 2017.

GoPro’s latest products bring improved mechanics and additional features to the action cameras. The new flagship model retails for $400 and includes built-in stabilization and the ability to live stream video to the internet. The company also introduced two less expensive cameras and cancelled the GoPro Session product line. The new offering is streamlined and cohesive.

The Oppenheimer analyst seeming agrees, writing to clients “With compelling features such as live streaming and gimbal-like image stabilization, we believe the products are compelling” and adding “In summary, overlooked GoPro should be a buy.”