GoPro Inc (NASDAQ:GPRO) shares gained more than 5% in early trading session after Wedbush analyst Michael Pachter initiated coverage of the stock with an Outperform rating and $81 price target. Just a few days ago, Oppenheimer Andrew Uerkwitz assigned the stock an Underperform rating and $55 price target. Uerkwitz said that the company’s growth would decline over the next two years.
GoPro a ‘driving force’ in the camcorder market
Wedbush analyst Pachter said GoPro is the “unquestioned leader and driving force” in the action camcorder market. The company sold well over 3.8 million HD camera last year. According to NPD Group, the San Mateo-based company was the top-selling camcorder in 2013. Its Hero cameras accounted for 45% of the total camcorder sales in the U.S in 2013, up from just 11% in 2011.
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