The San Francisco-based company known for action cameras that can be used during activities like biking, running and swimming saw its shares rise more than 6% to a high of $11.49 on Monday morning.
In a note sent to investors, Reese raised her price target from $11 to $13.5 and said that the company successfully "got ahead of supply chain issues and component shortages" in the third quarter.
At the start of 2021, GoPro shares were at the $8 line and have, after a high of $13.54 in March, ebbed around $10.
Reese said that even as lockdowns made it difficult to market a product commonly used while on action-packed trips, GoPro was able to keep up strong direct-to-consumer sales that are expected to increase further as travel picks up.
"Upcoming catalysts include the resumption of international travel which should drive unit sales higher, while GoPro appears poised to expand its hardware into derivative products with specialized use cases to expand its user base," Reese wrote.
She added that impact from costs related to research and development and manufacturing are not expected to make a material difference.
"The bottom line, in our view, is that GoPro has found its groove, even amid current supply-chain tumult," Reese wrote.
Her view is shared by a number of other analysts — last month, JPMorgan's Paul Chung upgraded it to overweight from neutral and boosted his price target to $15 from $13.