GoPro Inc (NASDAQ:GPRO) shares have gained 2% on the launch of Hero 7 Series of Cameras. The Hero 7 Black camera features best in camera video stabilization and live streaming. It is offered at a price of $399. The company has also announced waterproof cameras Hero7 White and Hero7 Silver. These two models support the voice commands and waterproof up to 33ft.
The Hero7 Silver camera is priced at $299. The price tag of $199 is fixed for the Hero7 White. The customers can pre-order these camera models. The new camera will be on the shelves of International stores with effective from September 27, 2018. They will hit the domestic stores with effective from September 30, 2018.
Analysts Put a Buy Rating on GoPro Inc
Following the buy rating of analysts, the shares of GoPro has surged by 14%. GoPro is all set to return to growth next year following the turnaround strategy and launch of the live streaming camera. It is on the backdrop of an outperformer rating set on the stock by Oppenheimer.
The shares of GoPro have dropped last year by almost 40%. The company has slashed the prices of its products for the 2017 holiday season. It has also reduced the workforce worldwide by 20% in January. The company staged a decision to abandon the karma product line and say goodbye to the drone market.
According to Oppenheimer, the stock of GoPro is not in the watch list of several investors. But, the recent turnaround strategy of the company has caused the stock to hog the focus of potential investors. The company has also reduced its inventory. Oppenheimer said GoPro has not faced any competitive issues. The depreciation of the stock in the past 12 years is due to self-infliction.
With the launch of new products and the ability to reduce inventory, the company will return to growth in 2019. Oppenheimer has set a target price of $9 on GoPro. It represents an upside of 35% from the closing price of $6.62 on Tuesday. The image stabilization and live streaming features of its new products will drive the revenues in the days ahead.