GoPro shares jumped 4.48% to $64.44 in early trading Thursday after Wedbush Securities increased its price target on the stock. Wedbush analysts Michael Pachter, Nick McKay, and Alicia Reese increased their price target from $70 to $76 while reiterating an Outperform rating. GoPro reported strong second-quarter results on Tuesday, and issued upbeat guidance for the current quarter.

GoPro Inc: Wedbush Bumps Up PT After Q2 Results

Is Wall Street underestimating GoPro’s growth potential?

GoPro posted $419.9 million in June quarter revenue, a 71.7% growth from the same quarter last year. The company earned 35 cents a share, well above the consensus estimate of 26 cents and Wedbush projections of 28 cents. Second-quarter revenues were also better than the Wall Street consensus estimates of $395 million.

Wedbush said GoPro has launched five new products in the last 10 months. The company continues to expand its business geographically. So, it if difficult to say when its growth is going to slow down. The research firm admitted that its H2, 2015 revenue growth estimate of 33% was conservative. GoPro registered an impressive 63% revenue growth in the first half of this year.

If GoPro’s new products such as Hero4 Session and Hero+ LCD gain traction, revenue could grow at twice the pace Wedbush has projected. Michael Pachter and his colleagues said they consider GoPro a lifestyle brand that has appeal beyond the action camera market. GoPro is planning to launch new products such as a drone, a 6-camera array, and a 16-camera array. These products are expected to fuel GoPro’s revenue growth in 2016 and beyond.

Analysts overwhelmed by GoPro’s international growth

What surprised analysts was the San Mateo-based company’s growth in international markets. About 50% of GoPro’s Q2 revenue came from outside the U.S. The company said at the earnings call that revenues from EMEA jumped 105% YoY to $137.2 million. Asia-Pacific revenues rose a staggering 183% to $70.4 million. GoPro said China became one of the top ten revenue generating countries in June quarter.

GoPro expects its September quarter revenue to come in the range of $430-$445 million and EPS between 29 and 32 cents. Wedbush Securities has increased its Q3 revenue estimate from $410 million to $455 million, and EPS estimate from $0.28 to $0.35.