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GoPro Soars 19% But Bears Still Very Skeptical of the Turnaround

Shares of GoPro (GPRO) today closed up $1.59, or more than 19%, at $9.85, building on last night’s gains, after the company yesterday afternoon easily topped analysts’ expectations, and beat with its outlook as well, saying demand has picked up for its “Hero” action cameras, and its drone product is the second-highest seller in the U.S.

The stock got a number of price target increases today, and at least two ratings upgrades, that I can see, from Raymond James’s Tavis McCourt, and from Longbow’s Joe Wittine.

However, the vast majority of coverage of the stock is still bearish.

McCourt, raising his rating to Market Perform from Underperform, wrote that the "quarter was good all around."

"Although there is much work to do before GoPro can return to meaningful profitability and growth,” he continues, "we believe the next few quarters will show substantial...