NEW YORK (TheStreet) -- Shares of GoPro (GPRO) - Get GoPro, Inc. Class A Report are up 4.08% to $62.50 in pre-market trading after JP Morgan upgraded the company to "overweight" from "neutral" with a price target of $70.

"We are upgrading GoPro to OW from neutral on valuation; no change to estimates or price target," analysts said about the active camera maker.

"The stock is down about 24% since its secondary offering in mid November (S&P flattish) and about 14% below our price target, and we think risk reward has tilted favorably," analysts added.

Other analysts remain wary. Pacific Crest Securities analyst Brad Erickson said in a note that while demand for GoPro cameras has been positive, GoPro's valuation "remains too rich" for his taste, saying that "valuation keeps us sidelined on GPRO despite strong holiday demand."

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