NEW YORK (TheStreet) -- Shares of GoPro Inc (GPRO) are rising, up 3.64% to $55.01 after the company's key supplier of video processing chips, Ambarella (AMBA - Get Report) reported stronger than expected second quarter earnings.
Analysts at Piper Jaffray Companies (PJC) raised its price target on the wearable camera company to $60 from $48, and maintained its "overweight" rating on the shares this morning.
The firm cited Ambarella's strong earnings that shows GoPro's near term trends are in-line with its guidance.
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