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GoPro (GPRO) Stock Takes Off, JPMorgan Bullish Ahead of Consumer Electronics Show

NEW YORK (TheStreet) -- GoPro (GPRO - Get Report) shares are soaring 7.6% to $20.11 on Tuesday morning following positive remarks from JPMorgan ahead of the 2016 Consumer Electronics Show.

The firm maintained its "overweight" rating on the stock with a $45 price target.

More than 3,000 companies will show their latest innovations at the showcase event from January 6 to January 9 in Las Vegas, which is projected to display plenty of drones.

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Specifically, the firm said that the show will be one of the positive catalysts for the stock. Adding to this is GoPro's Karma, the new drone that's expected to be released during the first half of this year.

Additionally, demand for Hero 4 Black and Silver action camera models have been strong during the holiday season with multiple BestBuy (BBY) stores sold out, analysts...