GoPro (GPRO) Stock Falls After Analyst Cuts Camera Shipment Forecast

NEW YORK (TheStreet) -- Shares of GoPro (GPRO) were falling 3.3% to $56.74 on Wednesday morning after Citigroup lowered its shipment forecasts for the action camera maker.

Citing results from consumer surveys, the analyst firm said it now expects GoPro to ship 9.3 million cameras by 2018, down from its previous estimates of 10.6 million units, according to MarketWatch. According to the analyst firm's survey, 5% of consumers plan to buy an action camera in the next 12 months, down from 7% a year ago.

"Awareness of GoPro and its content is increasing (and now stands at 72%), but exposure to content is less likely to drive a purchase, and fewer respondents are describing the content as being 'appealing,'" analyst Jeremy David wrote.

Citigroup maintained a "neutral" rating on GoPro.

GPRO ChartGPRO data by YCharts

More from Markets

Sohn Conference Briefly Distracts From Barrage of Earnings -- ICYMI

Sohn Conference Briefly Distracts From Barrage of Earnings -- ICYMI

Dow and Nasdaq Finish Lower as 10-Year Treasury Yield Hovers Near 3%

Dow and Nasdaq Finish Lower as 10-Year Treasury Yield Hovers Near 3%

Video: Stop Using Student Loan Money to Buy Bitcoin

Video: Stop Using Student Loan Money to Buy Bitcoin

Let the Najarian Brothers Crash-Proof Portfolio

Let the Najarian Brothers Crash-Proof Portfolio

Facebook Sends Facial Recognition Notification in Error

Facebook Sends Facial Recognition Notification in Error