GoPro stock stumbles yet again following analyst price cut
Shares of GoPro Inc. fell as much as 4.2% to a record intraday low of $17.24 on Monday after another brokerage axed its price target on the stock. J.P. Morgan analyst Paul Coster cut his price target to $45 from $55, which still makes him one of the most bullish analysts on Wall Street. The average target on the stock among 15 sell-side analysts is currently $38.19, according to a poll conducted by FactSet. Coster reiterated an outperform rating on the stock, saying that while higher discounts on GoPro's Hero cameras through the holidays and weak supplier sentiment will impact the company in the near term, growth seems likely return by the second half of 2016 with the introduction of new products. Shares of the action camera maker have fallen more than 52% over the last three months and 75% over the last year. The S&P 500, meanwhile, is up 8% over the last three months and flat on the year.
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