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GPRO

GoPro

$7.52

-0.05 (-0.66%)

11:41
01/08/18
01/08
11:41
01/08/18
11:41

Street Check: Longbow makes prescient call on GoPro ahead of warning

Shares of GoPro (GPRO) are sliding after the company lowered its fourth quarter revenue outlook, announced that it will be reducing its global workforce, said its COO will be departing the company in February, and that it will exit the "untenable" drone market. Predicting the company would issue a negative pre-announcement this week, Longbow analyst Joe Wittine had downgraded GoPro to Neutral ahead of the news. PRELIMINARY RESULTS, DRONE MARKET EXIT: GoPro has announced preliminary financial results for the fourth quarter. The company cut its quarter revenue outlook to $340M from $460M-$480M, which includes a negative impact of approximately $80M for price protection on HERO6 Black, HERO5 Black and HERO5 Session cameras, as well as the Karma drone. GoPro also announced that it is reducing its global workforce from 1,254 employees as of September 30, 2017 to fewer than 1,000 employees worldwide, and that its founder and CEO Nicholas Woodman will reduce his 2018 cash compensation to $1. A restructuring of GoPro's business will result in an estimated aggregate charge of $23M-$33M, including approximately $13M-$18M of cash expenditures as a result of a reduction in force. GoPro expects to recognize most of the restructuring charges in Q1 of 2018. Additionally, the company disclosed that Chief Operating Officer Charles Prober is departing the company effective February 16, and that Senior Vice President, Corporate/Business Development, General Counsel and Secretary Sharon Zezima has resigned from the company effective March 30. In this morning's press release, GoPro also said that "Although Karma reached the #2 market position in its price band in 2017, the product faces margin challenges in an extremely competitive aerial market. Furthermore, a hostile regulatory environment in Europe and the United States will likely reduce the total addressable market in the years ahead. These factors make the aerial market untenable and GoPro will exit the market after selling its remaining Karma inventory." MOVING TO THE SIDELINES: Predicting the company would issue a negative pre-announcement this week, Longbow's Wittine downgraded GoPro to Neutral from Buy. Citing channel contacts, the analyst told investors that he confirmed the holidays missed GoPro's plan. While $100 price cuts late in the quarter were a partial mitigating factor, they were not enough to save the quarter, he said. Channel inventory is not unhealthy, but it is also not lean enough to create the material first quarter sell-in catalyst he had hoped for, Wittine added. Positively, Wittine noted that the new entry level camera is slated for the second quarter at the latest, with retailers hoping for a sub-$200 price point. The analyst also believed a revised Karma was forthcoming in the second half of the year, but the company has since announced its plans to leave the drone market. Nonetheless, Wittine argued that there could still be time for a long trade in 2018 on the atypical product cycle and cost-outs driving upside to consensus, though he recommended waiting-out the fourth quarter report and first quarter guidance first. PRICE ACTION: In morning trading, shares of GoPro have dropped about 21% to $5.92.

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    Jan

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    Jan

GPRO GoPro
$7.52

-0.05 (-0.66%)

01/08/18
LBOW
01/08/18
DOWNGRADE
LBOW
Neutral
GoPro downgraded to Neutral from Buy at Longbow
01/08/18
01/08/18
DOWNGRADE

Neutral
GoPro downgraded ahead of expected negative preannouncement at Longbow
As previously reported, Longbow analyst Joe Wittine downgraded GoPro to Neutral from Buy, predicting the company will issue a negative preannouncement this week in concert with its appearance at the CES event. His channel checks confirmed the holidays missed the company's plan and late quarter $100 price cuts were not enough to save the quarter, Wittine tells investors. He hoped for a stronger-than-typical Q1 sell-in, but that has also become less likely based on channel inventory, added Wittine.
01/08/18
JPMS
01/08/18
NO CHANGE
Target $9
JPMS
Overweight
GoPro price target lowered to $9 from $13 at JPMorgan
JPMorgan analyst Paul Coster lowered his price target for GoPro shares to $9 citing today's negative preannouncement. The analyst now assumes lower pricing and gross margins through 2019. Offsetting this somewhat is reduced operating expenses from GoPro's restructuring initiatives, Coster tells investors in a research note. He keeps an Overweight rating on the shares. The analyst still believes a return to profitability is probable in 2018. GoPro in morning trading is off the day's lows, but the stock remains down 21% to $5.98.
01/08/18
01/08/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. GoPro (GPRO) downgraded to Neutral from Buy at Longbow with analyst Joe Wittine saying his channel checks confirmed the holidays missed the company's plan and late quarter $100 price cuts were not enough to save the quarter. 2. Snap (SNAP) downgraded to Hold from Buy at Jefferies with analyst Brent Thill saying he continues to have optimism around Snap's platform, but believes "fundamental execution needs to be shown" before he can be more positive on the name. 3. Cirrus Logic (CRUS) downgraded to Sector Weight from Overweight at KeyBanc with analyst John Vinh citing his "disappointment" with the current iPhone cycle and the lack of meaningful content gains until 2019. 4. Pandora (P) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst Benjamin Swinburne noting that the company's core free product has not evolved meaningfully and faces continued innovation by Spotify, Apple (AAPL) and Amazon (AMZN) while also being pressured by free music available on Google's (GOOG) YouTube. 5. GrubHub (GRUB) downgraded to Neutral from Outperform at Wedbush with analyst Aaron Turner saying that while he continues to like the company's market opportunity and competitive positioning, the current peak valuation of shares accurately reflects these positive dynamics. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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CTIC

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ZSAN

Zosano Pharma

$0.45

-0.0387 (-7.92%)

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SANM

Sanmina

$35.45

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AMZN

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TWTR

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ARRY

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TWTR

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SPY

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FB

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WMT

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BA

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AAPL

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