Wolff: GoPro Inc Multiple 'Not Exactly Cheap,' Drones Might Be Like 'Any Other Teen Fashion Trend'

GoPro Inc (NASDAQ: GPRO)'s real question is: "How big is this niche market?" That's according to Max Wolff, chief economist of Manhattan Venture Partners, in a recent interview on CNBC.

According to Wolff, GoPro's total addressable market (TAM) is "really about being a best-of-breed niche product that does hardware and software integration for visual imagery."

The company is currently a "camera company...trying to phase into being a software company," but despite the selloff, shares might not be cheap. "A SaaS company multiple or a content multiple is going to be really hard for them to get to, and at 30x [earnings], the P/E is not exactly cheap now," he explained.

The stock "has to come back to Earth" given its niche TAM, Wolff added.

When asked about GoPro's drone outlook, Wolff warned the potential might simply be the "taste of the moment," comparing it to "any other teen fashion trend."

"Boring content that everyone can make and load that no one wants to watch -- whether it's aerial or on the ground -- just isn't going to be the world's most compelling content."

GoPro last traded up 8 percent on Monday.