GoPro has a new 'tailwind'

GoPro has been beaten into the ground over the last year.

Its stock has fallen around 80% since it’s last high of $64.74 in August.

But with new products come new chances, and that’s exactly what GoPro is hoping for in the rest of 2016.

The GoPro Karma drone is expected later this year, as well as a new version of their flagship camera.

These combined launches have led some analysts to announce a floor in GoPro’s stock.

“We believe investor sentiment may improve with clearing channel inventory and growing anticipation of GoPro’s new camera and drone products in the fall,” Andrew Uerkwitz, analyst at Oppenheimer, said in a note to clients.

“We feel that there are sufficient tailwinds in the stock to support its near-term outperformance over peers into the earnings season.”

In addition to the drone and camera announcements, Uerkwitz sees the acquisition of “Splice” and “Replay” mobile editing apps will play well into the company’s mobile plans, and allow users to post more videos to social.

An extra bump to GoPro’s stock price may come from eliminating previous headwinds.

The company is currently clearing more of its old inventory, which might help investors improve their sentiment in the near-term.

Ultimately, while GoPro may experience a bottom soon, it may not get much of a boost. Uerkwitz is still market perform on the stock. Uerkwitz says that a general decline in consumer-camera purchases will be acting against the company unless it can make big improvements in user experience.

GoPro ended Wednesday at $12.42, down 33.5% for 2016.

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