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GoPro plummets after thunderous price cut, but analysts still see opportunity

Morgan Stanley slices price target on GoPro nearly in half, but maintains equal-weight rating

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GoPro stock comes crashing down

Shares of GoPro Inc. tumbled as much as 8% on Wednesday after Morgan Stanley cut its price target on the stock nearly in half, but many analysts are still holding out hope that virtual reality and drones lead the company to a comeback.

The rating makes Morgan Stanley the most bearish bank covering GoPro GPRO, +2.36% on Wall Street. The average price target is still $65.25, according to a poll of 18 analysts on FactSet, but GoPro’s stock closed down 4.3% to $29.33 on Wednesday, below even Morgan Stanley’s reduced target. The action-camera company’s shares have been in free fall for months, down 70% over the last 12 months and 46% since July.