"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."
GPRO data by YCharts