NEW YORK (TheStreet) -- Shares of GoPro (GPRO) were gaining, up 2.4% to $56.24 in early market trading Tuesday, after analysts at JMP Securities issued positive comments on the wearable action camera maker this morning.

The firm raised its earnings estimates for the wearable camera maker amid the "booming" drone market.

Analysts expect the move into drones and virtual reality to boost GoPro's total addressable market by billions of dollars by 2020.

JMP analysts increased their 2016 earnings estimate to $2.10 per share from $2 per share, higher compared to the Wall Street consensus of $1.95 per share.

The firm maintained its "market outperform" rating and a $105 price target.

GoPro, formerly Woodman Labs, develops mountable and wearable cameras as well as other hardware and software products to help consumers more easily capture, manage, and share their content.

The company is based in San Mateo, Calif.

Insight from TheStreet's Research Team:

Cody Willard commented on GoPro in a recent post on RealMoney.com. Here is a snippet of what Willard had to say about the stock:

Speaking of GoPro  (GPRO), this Periscope concept is exactly what the company was supposed to create/acquire when it said GoPro's strategy was "shifting to media." GoPro needs a Periscope knockoff that adds new features and even stores the video streams on a centralized database like YouTube does (and which Periscope doesn't do yet).

We recently rolled out a beta version of Periscope for finance people called Scutify Live. Others will be doing similar things for other niches, but Periscope has the potential to be the de-facto standard of video streaming -- and that is going to be worth tens of billions of dollars, too.

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