NEW YORK (TheStreet) -- Shares of GoPro (GPRO) are up 2.18% to $66.15 in pre-market trading after Pacific Crest Big-Box checks indicated strong GoPro holiday demand and lower inventory levels month-over-month.
"We found meaningfully lower inventory levels on an absolute and days-of-inventory basis for Hero 4 products. [Also], we found Best Buy Co. (BBY) has not had consistent stock of Hero 3 White and Hero 3+ Silver since the beginning of December, which we believe was a function of better-than-expected holiday demand, Pacific Crest said.
In light of better high-end sell-through, partially offset by softer low-end Hero product demand, analysts raised their estimates slightly: F2014 revenue to $1.34 billion from $1.33 billion and EPS to $1.05 from $1.01.
Exclusive Report: Jim Cramer's Best Stocks for 2015
"While valuation on GPRO remains rich [sector perform], given the strong near-term momentum, combined with what we view as an increasingly crowded hardware commoditization thesis, we believe there is limited downside risk in the name over at least the next several quarters," analysts added.GPRO data by YCharts