In a research note titled "You Heard Correctly: We Are Raising Estimates on GPRO," Pacific Crest analyst Brad Erickson said his channel checks indicate GoPro's (GPRO) Q4 turned out "better than feared." The quarterly earnings report, amid high short interest and negative sentiment, could give the stock a "near-term reprieve," Erickson tells investors. Specifically, the analyst's checks show GoPro exited the quarter with a "healthy" 7-8 days of inventory at Best Buy (BBY) in the United States. Erickson raised his Q4 earnings per share estimate for the company to 29c from 22c, above the consensus at 23c. He believes, however, that the action camera market remains saturated and keeps a Sector Weight rating on GoPro. Erickson remains "convinced" that the shares are fairly valued in the $9-$10 range. The action camera maker closed yesterday down 11c to $9.40.