NEW YORK (TheStreet) -- Shares of GoPro Inc. (GPRO) - Get Report are gaining by 1.95% to $43.13 at the start of trading on Thursday morning, after receiving a ratings upgrade to "outperform" from "neutral" at Baird.
The firm said it raised its rating on the wearable camera maker based on the strength of the GoPro brand, its distribution network, and the fact that the company is in the early stages of entering the action sports market, CNBC.com reports.
Additionally, analysts at Barclays lowered their price target on GoPro to $47 from $55.
The firm said it reduced its numbers on GoPro based on an increase in the company's competition.
"We don't believe that the market is nearly saturated based on our expectation of 6.3 million unit sales in 2015. New low cost cameras from China have added fuel to the "low barriers" thesis and can be perceived as threats, but GPRO has faced competition from Sony and others for years now and is the clear market leader," Barclays said in an analyst note.