Longbow's channel checks indicate that GoPro's HERO5 Black action camera is inadequately supplied ahead of the holiday season, TheFly reports.
Consumer interest is lower than it was in the 2014 period, which will likely cause GoPro to cut its outlook, the firm noted.
Longbow maintained a "neutral" rating on the stock.
GoPro is scheduled to report 2016 third-quarter results after today's market close.
Analysts surveyed by FactSet are looking for an adjusted loss of 35 cents per share on $313.4 million in revenue. For the year-ago period, GoPro reported adjusted earnings of 25 cents per share on revenue of $400.3 million.
Separately, TheStreet Ratings team rates the stock as a "sell" with a ratings score of D.
GoPro's weaknesses include its feeble growth in its earnings per share, deteriorating net income, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself.
You can view the full analysis from the report here: GPRO
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.