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GPRO

GoPro

$6.30

0.01 (0.16%)

, JPM

JPMorgan

$114.46

0.13 (0.11%)

12:35
01/23/18
01/23
12:35
01/23/18
12:35

GoPro falls after Morgan Stanley downgrade cites limited strategic value

Shares of GoPro (GPRO) are falling after a Morgan Stanley analyst downgraded the stock citing limited strategic value. DOWNGRADE: On Tuesday, Morgan Stanley Yuuji Anderson downgraded GoPro to Underweight from Equal Weight, arguing that the market is giving too much credit to the company for its strategic value. Improving action camera demand hinges on software developments that can meaningfully improve usability, and without acceleration in that area, Yuuji thinks negative trends are more likely to continue into 2019, weighing on earnings and GoPro's potential strategic value, he told investors in a note titled "A Long Year Ahead." He added that, even with overall volumes improving due to the HERO6 price cut, the improvement is unlikely to offset the expected gross margin declines and he sees limited year-over-year improvements in 1H18. The analyst cut his price target on GoPro to $5 from $9.50. WHAT'S NOTABLE: On January 8, GoPro cut its fourth 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 the reduction of 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 would reduce his 2018 cash compensation to $1. "As we noted in our November earnings call, at the start of the holiday quarter we saw soft demand for our HERO5 Black camera," said founder and CEO Nicholas Woodman. "Despite significant marketing support, we found consumers were reluctant to purchase HERO5 Black at the same price it launched at one year earlier. Our December 10 holiday price reduction provided a sharp increase in sell-through." Additionally, Woodman said the company plans to exit the drone market after selling its remaining inventory.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 said it expects to recognize most of the restructuring charges in 1Q18. CNBC later reported that GoPro hired JPMorgan Chase to help it seek a potential sale of the company, though Woodman told Bloomberg that the company has not engaged the bank to explore a sale. Woodman told CNBC that "If there are opportunities for us to unite with a bigger parent company to scale GoPro even bigger, that is something that we would look at." Woodman told Bloomberg it makes sense to consider the company's options, including a possible takeover, but that the company has to build itself as if it intends to stay independent. PRICE ACTION: GoPro fell 2.6%, or 16c to $6.14 in afternoon trading.

GPRO

GoPro

$6.30

0.01 (0.16%)

JPM

JPMorgan

$114.46

0.13 (0.11%)

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GPRO GoPro
$6.30

0.01 (0.16%)

01/23/18
01/23/18
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. Netflix (NFLX) downgraded to Neutral from Buy at Buckingham with analyst Matthew Harrigan citing valuation. 2. GoPro (GPRO) downgraded to Underweight from Equal Weight at Morgan Stanley with analyst Yuuji Anderson arguing that the market is giving too much credit to the company for its strategic value. 3. Wayfair (W) downgraded to Hold from Buy at Stifel with analyst Scott Devitt citing his view that the risk/reward is balanced at the stock's current levels. 4. Fortinet (FTNT) downgraded to Hold from Buy at Deutsche Bank with analyst Gray Powell saying his field discussions indicate the company's growth in the fourth quarter was weaker than expected. 5. Sprint (S) downgraded to Underperform from Neutral at Macquarie with analyst Amy Young saying she believes Sprint is stuck between a slowdown in the multi-year turnaround and a lack of near-term strategic options as circumstances have deteriorated with rising competition, executive turnover, and increasing capital expenditures. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
01/23/18
01/23/18
DOWNGRADE
Target $5

Underweight
GoPro downgraded to Underweight on limited strategic value at Morgan Stanley
As previously reported, Morgan Stanley Yuuji Anderson downgraded GoPro to Underweight from Equal Weight, arguing that the market is giving too much credit to the company for its strategic value. Improving action camera demand hinges on meaningful improvements in usability, and without acceleration in that area Yuuji thinks negative trends are more likely to continue into 2019, weighing on earnings and GoPro's potential strategic value, he tells investors in a note partially titled "A Long Year Ahead." The analyst cut his price target on GoPro to $5 from $9.50.
01/23/18
MSCO
01/23/18
DOWNGRADE
MSCO
Underweight
GoPro downgraded to Underweight from Equal Weight at Morgan Stanley
01/09/18
SBSH
01/09/18
NO CHANGE
Target $7
SBSH
Neutral
GoPro price target lowered to $7 from $8.50 at Citi
Citi analyst Stanley Kovler lowered his price target for GoPro shares to $7 citing weaker revenue growth and earnings power prospects than previously assumed. GoPro's pricing power appears more limited following yesterday's news, Kovler tells investors in a research note. The analyst says new layoffs in the Karma division "cut off another possible growth avenue and create further challenges for a turnaround." He keeps a Neutral rating on the stock.
JPM JPMorgan
$114.46

0.13 (0.11%)

01/17/18
WELS
01/17/18
NO CHANGE
Target $130
WELS
Outperform
JPMorgan price target raised to $120 from $120 at Wells Fargo
Wells Fargo analyst Mike Mayo raised his price target for JPMorgan to $130 from $120 following quarterly results. The analyst reiterates an Outperform rating on the shares.
01/16/18
FBCO
01/16/18
NO CHANGE
Target $125
FBCO
Outperform
JPMorgan price target raised to $125 from $120 at Credit Suisse
Credit Suisse analyst Susan Roth Katzke raised her price target for JPMorgan to $125 from $120 following quarterly results and as she believes it is well positioned into 2018. The analyst reiterates an Outperform rating on the shares.
01/12/18
ARGS
01/12/18
NO CHANGE
Target $125
ARGS
Buy
JPMorgan price target raised to $125 from $109 at Argus
Argus analyst Stephen Biggar increased his price target on JPMorgan to $125 from $109 after raising his 2018 EPS estimate to $8.72 from $7.66, mostly to account for the company's guidance toward a 19% effective tax rate in 2018. The 19% rate would be down from 32% paid in 2017, Biggar noted. He keeps a Buy rating on JPMorgan shares.
01/09/18
SOCG
01/09/18
DOWNGRADE
Target $120.5
SOCG
Hold
JPMorgan downgraded to Hold from Buy at Societe Generale
Societe Generale analyst Andrew Lim downgraded JPMorgan to Hold saying the stock is now fairly priced following the recent rally. The analyst raised his price target for the shares to $120.50 from $113.

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Boeing

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AMX

America Movil, also tag AMOV

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America Movil, also tag AMX

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AMZN

Amazon.com

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Berkshire Hathaway

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PNFP

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CHDN

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CE

Celanese

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DRNA

Dicerna

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