GoPro (GPRO) Stock is the ‘Chart of the Day’

NEW YORK (TheStreet) --Shares of GoPro Inc. (GPRO) are higher by 3.81% to $57.01 in early afternoon trading on Tuesday. Earlier this morning GoPro received a positive analyst note from JMP Securities.

The firm upped its earnings estimates on the wearable camera maker, while maintaining its "market perform" rating and $105 price target on GoPro.

JMP raised its "2016 non-GAAP EPS estimate to $2.10 from $2.00 (Street $1.95) to account for GoPro's entry into the drone market in 2H16, and we estimate that rapid growth and advances in both the drone and VR industries means that GoPro's TAM will increase by billions of dollars by 2020," JMP said in an analyst note.

TheStreet's Bryan Ashenberg and Bob Lang of Trifecta Stocks have identified GoPro as the "Chart of the Day." Here is what Ashenberg and Lang had to say about it:

The chart shows a channel that has the potential of being a handle of a cup-and-handle pattern, yet the recent down days have had bigger volume bars. There is gap support just below $54 but the Moving Average Convergence Divergence sell signal is still on.

The top pane shows a break below 50 on the Relative Strength Index, a battleground since March. This one should be carefully watched. The recent decline in semi supplier Ambarella (AMBA) also has had a negative effect.


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