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Actionable news in GPRO: GOPRO INC,

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

GoPro stock comes crashing down

Shares of GoPro Inc. tumbled 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, -5.22% on Wall Street. The average price target is still $65.25, according to a poll of 18 analysts on FactSet, but GoPro’s stock plummeted 8% to $28.25 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.

GoPro Inc.

The Morgan Stanley price cut was a reflection of weak demand for the Hero4 Session, which GoPro started selling at a $100 discount last week, just three months after its launch.

While the Session was seen as an important product for GoPro when...


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