Wedbush: 'Tis The Season To Give GoPro
Wedbush analyst Michael Pachter stated in a note that GoPro Inc (NASDAQ: GPRO) devices are a "gift of choice" this Christmas.
Pachter surveyed 32 Best Buy locations, 27 Target locations and 27 Wal-Mart stores across the country from December 18 to 20. The analyst inquired about the demand for and inventory levels of the GoPro HERO, HERO4 Silver and HERO4 Black.
The survey concluded that the Hero was sold out at 30 of 32 Best Buy stores, 26 of 27 Target stores and 20 of 27 Wal-Mart stores. Pachter notes that many of the sales associates said that the entry-level HERO was “easily the most popular” of the GoPro cameras.
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Pachter also noted that at the time of publication, the HERO camera is sold-out at Amazon.com, GoPro.com, Target.com and Walmart.com, but not BestBuy.com. The analyst added that supply of the camera has been “intermittent and short-lived” at all online sites except Best Buy.
“Our primary takeaways from channel checks are that both the HERO (in particular) and Silver appear to be very popular gifts this holiday season, and that GoPro products (including accessories) are selling well,” Pachter concluded. As such, the analyst believes that the company will exceed the high-end of its fourth quarter revenue guidance of $550 million to $580 million.
Shares are Outperform rated with a $98 price target.
Shares were up more than 3 percent at $60.10 in Tuesday's premarket.
Latest Ratings for GPRO
|Jan 2017||Longbow Research||Downgrades||Neutral||Underperform|
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