GoPro (GPRO) PT Raised to $66 at Piper Jaffray Amid 'Stellar' Q1, Guidance

Piper Jaffray analyst Erinn Murphy reiterated an Overweight rating and boosted her price target on GoPro (NASDAQ: GPRO) to $66.00 (from $55.00) following "stellar" Q1 results and Q2 guidance.

Murphy commented, "We are reiterating our Overweight rating and raising our price target from $55 to $66 following GoPro's stellar Q1 earnings report in which sales were up 54% and EPS was up 136% Y/Y. More importantly, the ongoing robust growth of the brand was underscored by management's guidance in which Q2 sales are forecasted at $380-$400M, significantly above our former $301M estimate. Q2 EPS is now forecasted at $0.24-$0.26 (Street: $0.18) and we are encouraged by the continued traction GoPro is gaining with their content globally. GoPro remains in the top-ten brands on Instagram & the No. 1 YouTube brand. We are raising our FY15 from $1.45 to $1.64 and inching up our FY16 EPS to $1.93. While our estimates are higher, we still believe they are conservative. We are buyers of GPRO shares."

For an analyst ratings summary and ratings history on GoPro click here. For more ratings news on GoPro click here.

Shares of GoPro closed at $47.02 yesterday.

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