The company runs the risk of being "subsumed by our phone" Barron's writer Alexander Eule wrote. Eule argued that it will become "hard to justify GoPro's competitive advantage, particularly at 83 times earnings" when accessory makers perfect wearable mounts for smartphones.
Eule uses Cisco's (CSCO) acquisition of Flip as a cautionary tale for GoPro. Cisco acquired the camera maker for $590 million in 2009, but shuttered the business two years later as smartphones proved the device "was a feature, not a product."
Must read: Warren Buffett's 25 Favorite Stocks