GoPro Inc (NASDAQ:GPRO) is a San Mateo, California based American corporation that develops, manufactures, and markets high-definition personal cameras. These cameras are often used for extreme action video photography.
GoPro in the News
After filing to go public in May of this year, GoPro Inc (NASDAQ:GPRO) will start trading today, June 26 on the Nasdaq stock market under the stock symbol GPRO. Both GoPro and existing shareholders have sold 17.8 million shares for $24 each. The company currently has a market valuation of $2.95 billion dollars. With that said, GoPro is planning to use the profit made from the IPO to repay debt to their investors. GoPro also has future plans to make money from not only their cameras, but also content by creating a media platform.
A Financial Expert’s Opinion
On June 25, Dougherty & Co analyst Charlie Anderson initiated a BUY rating for GoPro Inc (NASDAQ:GPRO) with a $28 price target. He noted, “We believe GoPro has established one of the most valuable brands in consumer technology. We also believe GoPro has set itself up for outperformance in the near?term and has optionality with the media business.”
Anderson’s Past Recommendations
Anderson has a history with making recommendations in the high-tech field, recommending companies such as Synaptics, Incorporated (NASDAQ:SYNA) and Ambarella Inc (NASDAQ:AMBA). His recommendations have earned him a +29.0% average return on all stocks and a 67% success rate in making recommendations.
On June 11 of this year, Anderson maintained a BUY rating for Synaptics, Incorporated (NASDAQ:SYNA) and raised his price target from $85 to $96. He reasoned, “Synaptics has firmly positioned itself to be the No. 1 supplier in the world of human interface technologies (touch, display, biometrics).” Since then, Synaptics has gone up from $85.78 to $89.56, earning Anderson a +60.9% average return on the stock.
In addition, Ambarella Inc (NASDAQ:AMBA) upgraded his rating for Ambarella from Neutral to BUY with a price target of $35. He explained, “Ambarella is a true market leader with no equal in its category of discrete chipsets for HD video capture. In recent months, our checks suggest that the competitive environment has gotten more favorable at the high end of the market while new opportunities have opened up in adjacent markets, such as home security cameras and auto OEM.” Since then, Ambarella’s stock has gone up from $27.14 to $32.30, earning Anderson a +19.0% average return on the stock.
However, Anderson has not always been accurate with his recommendations. On June 19 of this year, Anderson issued a BUY rating for Atmel Corporation (NASDAQ:ATML) with a price target of $11. Since then, Atmel has gone down from $9.48 to $9.23, earning Anderson a -2.6% average return on the stock.
Conclusion
GoPro Inc (NASDAQ:GPRO) might be coming in with a bang, but do you trust Anderson on his latest recommendations based on his past performance history?
To view all of Charlie Anderson’s performance history, visit TipRanks today!
Carly Forster writes about stock market news. She can be reached at [email protected]
