GoPro stock digs a 6-month low on bearish comments
GoPro (GPRO) stock fell to a six-month low on Friday after negative comments by Oppenheimer analyst Andrew Uerkwitz. Uerkwitz, who rates GoPro (GPRO) as underperform, reiterated his bearish stance on the action camera maker during an appearance late Thursday on CNBC. Uerkwitz said investor enthusiasm over GoPro’s media strategy is unwarranted. GoPro’s efforts to build an audience on YouTube for videos shot with its cameras are peripheral to its core hardware business, he said. “Anybody that’s trying to value GoPro on a media strategy doesn’t fully understand the story and should really look at this as a hardware play,” he said. While GoPro has successfully fended off competition from the likes of Garmin (GRMN), Panasonic, Sony (SNE) and others, that could prove more difficult going forward.