NEW YORK (TheStreet) -- GoPro (GPRO) shares are down 5.6% to $73.62 in early market trading on Monday despite a research note from analysts at JMP Securities expressing optimism about the company's holiday season prospects.
The firm maintained its "market perform" rating and $105 price target in a note published today after analysts conducted in-store checks during the Black Friday weekend that suggested strong sales during the holiday season.
"Our key takeaways from the in-store checks are that there is a healthy velocity of sales volume across the varying price points of the Hero, Hero3+, and Hero4 product offerings, and we observed exceptionally weak activity and poor shelf space positioning from would-be competitive offerings," said analysts at the firm.
"Online indicators support these observations," the note continued, "With the attractively discounted Hero3+ model at the top of the bestselling imaging list for bestbuy.com, the Hero4 Silver topping the best-sellers at amazon.com (AMZN, MP, Josey), the entry level Hero, and top of the line Hero4 Black also within the top 10 at amazon.com."GPRO data by YCharts