Goldman Sachs analyst Simona Jankowski rolled out coverage of GoPro with a Neutral rating, but made a point to say she does share the bear argument that the action camera's business will commoditize. GoPro's strong content engagement, highlighted by its 3.5M subscribers on YouTube, has created a "powerful consumer brand," Jankowski tells investors this morning in a research note. However, the current valuation of the stock requires the HERO camera maker to sustain 20%-plus growth over the next three-plus years, which relies on a successful entry into the drone market in 2016, the analyst believes. Jankowski attributes her Neutral rating on GoPro to limited visibility into the success of the company's drone launch and content monetization strategy. She put a $60 price target on the shares, which closed Thursday down 20c to $51.75.