GoPro: The Day After

GoPro Inc GPRO released its earnings on Tuesday. The portable camera maker reported EPS of $0.11 and revenue of $383 million, above many analysts expectations. The company also reported a 45.1 percent gross margin, which beat expectations of 44.5 percent.

Several Wall Street firms gave their opinions on the results and issued some forward looking statements.

Raymond James: Outperform, $63 price target

Travis McCourt wrote:

"We are upgrading our rating on GPRO to Outperform from Market Perform following 1Q15 results….Year over year results were broadly positive, driven by 54 percent revenue growth and 58 percent shipment growth...June guidance was far stronger than we would have expected, and better than last year's seasonality, as sell through of capture devices has remained strong."

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Wedbush: Outperform, $70 PT

Michael Pachter and Nick McKay wrote:

"GoPro exceeded the Street's expectations for the fourth time in its four quarters as a public company. Revenue was $363 million vs our estimate of $340 million, consensus of 341 million, and guidance of $330-$340 million. Revenue growth of 54 percent year over year was driven by a 58 percent increase in units shipped...International growth outpaced domestic growth, while distributor sales growth exceeded direct sales growth.

"In addition the company did not experience a significant F/X drag as it sells to its distributors in U.S. dollars."

Morgan Stanley: Equal-weight, $57 PT

James Faucette and Meta Marshall wrote:

"In conjunction to Q1 earnings, the Company announced its acquisition of Kolor...We view the acquisition as a positive step towards expanding GoPro's addressable market, but we think management faces a difficult task leveraging the acquired platform for mass market and mainstream consumption."

Barclays: Equal-Weight, $50 PT

Joseph Wolf and Brian Finneran wrote:

"Revenues, margin, and EPS guidance for 2Q15 beat both us and consensus by a significant margin...International sales continue to grow (50 percent outside of the Americas) and could provide a significant opportunity for the foreseeable future and support management's view of a much larger addressable market."