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Buy This GoPro Sell-Off

Summary

GPRO sold off on Friday, 9/2, in response to AMBA's ER.

AMBA's report was quite good, and actually pointed to strength in the action camera market in the back-half of the year.

Following a multi-month, 50%+ rally, GPRO shares have declined roughly 10% since the middle of August.

The 10% decline comes despite BBY saying its much stronger-than-expected results were propelled largely by strength in wearables.

With exciting new product catalysts just around the corner, we think this is a good time to add more GPRO.

On Friday, 9/2, shares of GoPro (NASDAQ:GPRO) slid almost 3% in response to Ambarella's (NASDAQ:AMBA) Q2 results which beat expectations but disappointed investors. AMBA's report, though, was quite good and GPRO still has in front of it two major product launches before the end of the year. We think the recent multi-week sell-off offers investors a good opportunity to buy the stock before the launch of Karma on September 19 kicks off what we expect to be a strong share price rally into the end of the year.

GPRO Price data by YCharts

The AMBA report was quite good, and showed strength on multiple HD video capture fronts...


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