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Fly News Breaks for December 11, 2015
GPRO
Dec 11, 2015 | 06:05 EDT
Citi analyst Jeremy David downgraded GoPro to Neutral from Buy and lowered his price target for shares to $22 from $75. The action camera maker closed yesterday up $1.94 to $18.83. The analyst admits "we got it wrong" when referring to his upgrade to Buy in July. The second HERO4 Session price cut last Friday, and the GoPro CEO appearance on QVC on Saturday, suggest demand for the company's products is softening, David tells investors in a research note. He believes the poor sell thru of new products could be a "reflection of diminishing consumer interest."
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