Why GoPro (GPRO) Stock Is Rising Today

NEW YORK (TheStreet) -- Shares of GoPro Inc (GPRO) are rising, up 3.64% to $55.01 after the company's key supplier of video processing chips, Ambarella (AMBA)  reported stronger than expected second quarter earnings.

Analysts at Piper Jaffray Companies (PJC) raised its price target on the wearable camera company to $60 from $48, and maintained its "overweight" rating on the shares this morning.

The firm cited Ambarella's strong earnings that shows GoPro's near term trends are in-line with its guidance.

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