Pacific Crest analyst Brad Erickson says his firm's channel checks in the U.S. indicate that GoPro's days of inventory are again nearing all-time highs. The checks suggested days of action camera inventory at roughly three weeks consistently over the past month, Erickson tells investors in a research note. He estimates aggregate GoPro sell-through in the United States was down nearly 40% year-over-year in Q1. In addition, Erickson estimates current sell-through run-rates are ranging below expectations at 800,000 to 1M units per quarter. The editing experience of GoPro cameras remains the key roadblock in attracting new users to the category, the analyst contends. He attributes the recent rise in the shares to anticipation of GoPro's drone launch, named Karma, sometime toward the end of Q2. Erickson says that while the drone launch could drive continued optimism in the shares and expand GoPro's addressable market, softness in the action camera business continues to justify his caution on the name. The analyst keeps a Sector Weight rating on GoPro. The action camera maker closed Friday at $13.98.