UPDATE: Barclays Initiates Coverage On GoPro

Earlier Monday, Barclays analyst Joseph Wolf initiated coverage on GoPro GPRO with an Equal-weight rating and a $45 price target.

Wolf began the note by commenting, "we can think of few products that so perfectly capture the era of the 'selfie' and the digital native' as the GoPro."

With that being said, Wolf explained that having only nine percent upside in his target price is the reason for his position on the stock.

Looking forward, he is predicting 25 to 30 percent revenue and EPS growth for 2014 and 2015 and is expecting contributions from media starting in 2016.

Shares of GoPro are up 3.5 percent to $42.86 Tuesday afternoon.