GoPro Continues Higher Amid Positive Ratings, Lock-Up Expiration

Shares of GoPro Inc GPRO added to Monday’s 7.61 percent gain in Tuesday’s pre-market session, climbing more 4 percent.

Shares traded higher amid a positive research note from Wedbush, which indicated that the GoPro HERO model is "the gift of choice this Christmas" as channel checks showed strong demand. Analyst Michael Pachter maintained an Outperform rating and $98 price target on the stock.

Pachter noted, “Although GoPro trades at a premium to many of its consumer electronics peers, we believe it deserves a high multiple due to its nascent and rapidly growing addressable market, the phenomenal benefits of its viral free marketing, its ability to reinvest in leading edge technology and design, and its strong brand that permits premium pricing for its products.”

Tuesday also marked the stock’s lock-up expiration; Shares had been falling over the past month, down nearly 18 percent since November 24.

GoPro recently traded at $60.35, up 4.05 percent.