The stock price of GoPro is expected to double next year despite concerns regarding the increasing competition in the action-camera industry.

GoPro

In an interview on CNBC’s Trading Nation, Andrew Keen, the founder of AlphaShark Trading said, “I think GoPro could double in the next year. Any good news would be positive for the stock.”

Mr. Keene made his bullish prediction on GoPro despite the fact that the company’s stock price declined nearly 72% year-to-date. GoPro shares went down from its highest trading price of $69.75 per share to as low as $15.90 per share over the past 52 weeks.

GoPro shares are trading around $17.88 per share, up by 3.29% at the time of this writing, around 1:59 in the afternoon in New York.

GoPro stock rating downgraded

Yesterday, James Faucet, an analyst at Morgan Stanley downgraded his stock rating on GoPro to Underweight from Neutral and lowered his price target to $12 from $23 per share.

The analysts explained that his bearish recommendation on the stock was based on a combination of high inventories related to the weak response of consumers to the company’s HERO4 Session camera. The company’s shares plummeted to an all-time low on Mr. Faucet’s stock rating downgrade.

An attractive buying opportunity

Mr. Keene believed that a turnaround is possible for GoPro citing the reason that the concerns regarding the growing competition and slowing product demand were already priced into the stock.

According to him, the  company’s shares, which are now down nearly 72%, represent an attractive long-term buying opportunity. He said, “I want to make a counter-trend trade using the options market.”

Mr. Keen acquired the 25/35 call spread for $1.00 (January 2017 expiration). CNBC considers his strategy bullish since the trader will buy a call and sell a higher strike call of the same expiration to offset the cost. The objective is for the stock to climb to the call, he is short ($35 in this case) by January 2017—an increase of more than 100% next year.

“This isn’t that much of a stretch considering GoPro was trading at $35 back in September,” said Keene.

Meanwhile, some people were speculating regarding a potential acquisition of the action-camera maker by Apple.