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Action camera-maker GoPro (GPRO) continued its skyward climb Friday, rising 1% despite a report from JPMorgan calling the newly public stock overvalued. The San Mateo, Calif.-based consumer electronics company hit a record high of 82.40 intraday on Friday and closed at 82.10. It was the sixth straight day of advances for GoPro, which went public on June 26 at 24. “The stock has run up about 238% since its IPO at $24.00 (S&P flattish) and is now trading above fair value in our view, notwithstanding hyper-growth prospects as the firm expands into a large addressable market,” JPMorgan analyst Paul Coster said in a research note Friday. Coster rates GoPro stock as neutral with a price target of 54. Retail store checks show that GoPro has been dealing with sold-out products throughout the quarter, Coster said. That indicates that demand is outstripping supply for its cameras, he said. “It is also… Scalper1 News
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