Why Shares Of GoPro Had A Big Friday

Shares of GoPro Inc (NASDAQ: GPRO) moved higher on Friday ahead of the company’s presentation at the J.P. Morgan Tech Forum at CES 2015 on Tuesday, January 6 in Las Vegas.

J.P. Morgan analysts, led by Paul Coster, commented on Friday that, “if imitation is the highest form of flattery, then the GoPro team is likely to be on the receiving end of excessive praise at CES.”

Coster expected "a lot of competing action camera products," but added: "we don't expect any competitors to match the totality of the GoPro platform (capture - manage - share - enjoy).

“The GoPro booth will probably be one of the busiest at CES (free beer helps) and we expect management tone to be positive regarding the holiday season sales and 2015 outlook, which might be supported by channel expansion into China. We think GPRO is a long-trade into CES and through 4Q earnings,” according to the note.

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On December 12, Coster upgraded GroPro from Neutral to Overweight and set a $70 price target.

According to Coster and his team, the stock was “trading at a premium to CE trading comparables, but largely owing to uniquely strong medium-term growth prospects and an under-promise/over-deliver flavor to results since going public.

"GPRO is also trading at a PEG of 0.8," analysts added, "reflecting the solid execution. We see positive catalysts ahead; seasonally strong holiday sales, CES branding events in early January, launches in international markets.”

GoPro Inc recently traded at $66.03, up 4.44 percent.