Why GoPro (GPRO) Stock Is Rising Today
GoPro (GPRO) shares are climbing after having its price target upped to $70.
NEW YORK (TheStreet) -- GoPro (GPRO) - Get Report shares are up 0.7% to $68.98 on Thursday after analysts at Citigroup (C) - Get Report hiked their price target to $70 from $42.
The upgraded outlook coincides with the firm upping its third quarter revenue estimate to $297 million from $261 million, ahead of the company's own guidance range of between $255 and $265 million.
The firm believes that the company is moving away from the niche adventure enthusiasts market into the mainstream and that the release of its new Hero4 products in mid-October before the holiday season bodes well for its quarterly bottom line.
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