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GoPro +10.53%; unit estimates raised at Pacific Crest Securities

Jan. 24, 2017 10:25 AM ETGoPro, Inc. (GPRO) StockAMBA, GPROBy: Eric McCaffrey, SA News Editor1 Comment
  • Analyst Brad Erickson increases Q4 unit estimates given "better-than-feared sell-through" from 1.9M to 2.1M and recalculates slightly higher for ASP expectations.
  • Notes store checks indicating impressive pivot to Karma Grip once it became evident Karma would not be available. Removes Karma fully from Q4 estimates.
  • Projects 150K drone shipments contributing $88M in revenue for 2017.
  • Further: "Our checks indicate that GoPro exited the quarter with a healthy 7-8 days of inventory at Best Buy in the United States with sell-through having sustained periods of significant growth through the quarter. One quarter does not make a trend, and regarding the return to growth, we note that GoPro was lapping an abysmal 4Q15 when sell-through was 40%-50% below ship-in. However, for those harboring hopes of a turnaround, it is a start."
  • Considers $9-$10 (current price $10.39) fair value for GoPro (NASDAQ:GPRO) shares. Maintains Sector Weight.
  • N.B. Ambarella (AMBA +3.4%)

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