JPMorgan analyst Paul Chung upgraded GoPro to Overweight from Neutral with a price target of $15, up from $13. The analyst says the company’s “strong execution” is underscored by its pivot to direct-to-consumer, high subscriber attach rate on GoPro.com and price increases. These are driving GoPro’s margins structurally higher, increasing revenue visibility, and “smoothing out” sales over the longer term, Chung tells investors in a research note. The analyst also views GoPro as a “reopening play” as the world opens back up.
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