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GoPro pares losses following market rally, conference presentation

Jun. 10, 2015 4:11 PM ETGoPro, Inc. (GPRO) StockAMBA, GPROBy: Eric Jhonsa, SA News Editor5 Comments
  • Down as much as 6% in early trading thanks to a cautious Citi note that cited U.S. survey data, GoPro (NASDAQ:GPRO) closed down 1.3%. A market rally helped - the Nasdaq closed up 1.3% - as did an upbeat presentation by CFO Jack Lazar and president Tony Bates at a Piper conference (webcast)
  • Piper's Erinn Murphy, who started GoPro at Overweight in April: "During the presentation, management reiterated the action camera [addressable market] is significantly larger than their current run rate and spoke bullishly on opportunities in new verticals and early results in China. We note our proprietary Amazon Relative Strength Index and Ambarella (NASDAQ:AMBA) analysis indicate significant near-term upside to consensus estimates."
  • Murphy reiterates her belief "the consumer brand affinity for GoPro is underappreciated by investors and nicely positions the company for both product extensions and media monetization further down the road." Her target remains at $68.

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