JMP Securities: 'Buy Now' Before GoPro Doubles

JMP Securities used Ambarella Inc's AMBA earnings report on Tuesday as cause to turn more bullish on GoPro Inc GPRO Wednesday morning. The analysts reiterated a Market Outperform rating and $105 price target on the stock.

Shares of GoPro traded recently at $41.60, up 3.2 percent.

JMP Securities modeled GoPro growth of 48 percent and 43 percent for the March and June quarters, respectively, with higher gross margins and a 30 percent revenue growth. The analysts said that FY15 non-GAAP EPS will be at $1.50, an increase from prior estimates of $1.45 and above the consensus estimates of $1.38. With the February lock-up expiration past, the analysts encouraged investors to start accumulating GoPro shares.

JMP identified several catalysts moving forward, including Hero4+ upgrade cycle, a cloud platform introduction, and expansion of GoPro's ability to harness new media opportunities.

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