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Wednesday’s Market Insights: GoPro Inc (GPRO), Bank of America Corp (BAC), Twitter Inc (TWTR), Prima Biomed Ltd. (PBMD)

By Kate George 

GoPro Inc (NASDAQ:GPRO) is down 1.32% in pre-market trading to $27.60 after the stock was downgraded yesterday after market close by Erinn Murphy of Piper Jaffray. Murphy downgraded the action camera company from Overweight to Neutral and slashed her price target from $54 down to $25. The analyst attributed her downgrade to a recent survey on teenagers, which signaled that consumer demand for the action cameras is slowing. Although she believes in the company’s ability “to engage consumers through the stickiness of its content,” she highlights near-term risk associated with slowing demand, recent price reductions that could strain margins, and “weakening trends in GoPro index on Amazon.” According to the 18 analysts polled by TipRanks in the last 3 months, 12 are bullish on GoPro and 6 are staying on the sidelines. The average 12-month price target on the stock is $62.79, marking a 125% potential upside from current levels.

Click here to see Erinn Murphy’s past ratings and performance history.

Bank of America Corp (NYSE:BAC) is up 2.77% in pre-market trading to $15.96 after the company posted quarterly earnings this morning and beat expectations. The bank posted adjusted EPS of $0.37, beating estimates of $0.33, and total revenue of $20.91 billion. Investors were relieved to see the strong earnings figure reversing the long trend of losses that has followed the bank since the 2008 financial crisis. The bank attributes part of the gains to a third consecutive quarter of falling legal bills. CEO Brian Moynihan attributed the growth to “deposit taking and lending to both our consumer and corporate clients,” which moved in the right direction this quarter. According to the 18 analysts polled by TipRanks in the last 3 months, 14 are bullish on BAC; 1 is bearish; and 3 are staying on the sidelines. The average 12-month price target for the stock is $18.91, marking a 22% potential upside from current levels.

Twitter Inc (NYSE:TWTR) slipped 0.72% in pre-market trading after the social media company was downgraded by JMP Securities analyst, Ronald Josey, from Market Outperform to Market Perform. The analyst removed his $43 price target on the company. Jack Dorsey, the co-founder of the company, has recently been named permanent CEO to replace Dick Costolo. Dorsey’s first order of business is trimming down the company by letting go of an estimated 8% of its workforce, or about 336 employees. Dorsey confirmed the move in a tweet, remarking that it was a “tough but necessary” decision that will enable to company to “move with greater focus and reinvest in… growth.” According to the 30 analysts polled by TipRanks in the last 3 months, 14 are bullish on Twitter; 1 is bearish; and 15 are staying on the sidelines. The average 12-month price target between these 30 analysts is $38.60, marking a 33% potential upside from current levels.

Click here to see Ronald Josey’s past ratings and performance history.

Prima Biomed Ltd. (NASDAQ:PBMD) is up 10.66% in pre-market trading up to $1.35 after analyst Swayampakula Ramakanth of H.C. Wainwright initiated coverage on the pharmaceutical company with a Buy rating and a $3 price target. The analyst cites his confidence in the company’s ability in the LAG-3 space; an immune control method used in connection to cancer patients. Looking forward, the analyst expects the company’s lead product, “IMP-321, to be approved in the EU in 2019, and we project the company to receive A$164M in total risk-adjusted royalty revenues in 2025.” Ramakanth believes that the company is a smart investment because it has “three promising drug candidates targeting large markets;” “a strong expertise in LAG-3 based drug products;” and “the potential to be the first to bring this new class of products to the market.”

Click here to see Swayampakula Ramakanth’s past ratings and performance history.