Why GoPro (GPRO) Stock Is Rising Today

Why GoPro (GPRO) Stock Is Rising Today

 

NEW YORK (TheStreet) — GoPro (GPRO_) shares are up 0.7% to $68.98 on Thursday after analysts at Citigroup (C_) hiked their price target to $70 from $42.

The upgraded outlook coincides with the firm upping its third quarter revenue estimate to $297 million from $261 million, ahead of the company’s own guidance range of between $255 and $265 million.

The firm believes that the company is moving away from the niche adventure enthusiasts marketinto the mainstream and that the release of its new Hero4 products in mid-October before the holiday season bodes well for its quarterly bottom line.

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