Citi Raises GoPro Inc Price Target

Citi raised its price target for GoPro Inc (NASDAQ: GPRO) from $70 to $94. According to a research team lead by Jeremy David, GoPro’s new HERO4 should lead to higher average selling prices.

The new $500 HERO4 model is complemented on the low-end by the $130 HERO model. David’s team projected that nearly half of the high-end GoPro buyers will “graduate” to the higher-priced model.

Citi raised its “2015 revenue estimate by $76M to $1.64B on stronger ASPs,” which drove its “2015 EPS estimate to $1.19 from $1.06.”

David felt the stock could climb beyond $94 if retail data for Q4 is strong.

GoPro Inc closed at $90.94 on Monday, up 10.77 percent.