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Fly News Breaks for October 3, 2019
Oct 3, 2019 | 08:09 EDT
After GoPro cut its guidance for second half and calendar 2019 revenue and lowered its second half gross margins forecast due to a late stage production delay with the HERO8 Black camera, Morgan Stanley analyst Erik Woodring said he remains cautious on the outlook for this cycle, noting that the company shared few details about what caused the delay. He lowered his 2019 and 2020 revenue estimates by 2.3% and 0.9%, respectively and cut his price target to $4.50 from $5.00 on GoPro shares, on which Woodring maintains an Underweight rating.
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