$GPRO,...GoPro -5.9%; Oppenheimer reiterates bear case on CNBC
Oppenheimer's Andrew Uerkwitz, who launched coverage on GoPro with an Underperform rating last October and has remained bearish since, went on CNBC (video) yesterday evening to reiterate his stance.
Uerkwitz argued investor enthusiasm over GoPro's media efforts - the company's YouTube channel has seen major traffic growth in recent quarters - is misplaced, and that they're peripheral to GoPro's hardware ops. "Anybody that's trying to value GoPro as a media play doesn't fully understand the story."
He also questioned GoPro's Asian growth prospects, and noted leading Chinese smartphone OEM Xiaomi appears to be prepping a waterproof camera that will possibly be much cheaper than GoPro's offerings. Of note: GoPro has thus far fended off competition from Sony, Panasonic, Garmin, and a slew of other electronics OEMs.
Shares are near $42, and at their lowest levels since last August.
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