Analysts at the firm boosted the rating on the stock to perform from underperform, although they remain cautious about the long term. Shares are down 18.2% on the year.
"GoPro does have this great ecosystem," TheStreet's Jim Cramer, portfolio manager of the Action Alerts PLUS portfolio, said on CNBC's "Stop Trading" segment. He made the case that it doesn't seem odd to most consumers these days to see other people filming events and activities with their devices.
While he acknowledged that GoPro isn't his favorite stock, he does believe it can rebound. Too many investors thought of GoPro as just a holiday trade and nothing more.
"I think this one can make a comeback," Cramer concluded.