The video camera maker is trading on straight euphoria instead of fundamentals, Anderson said Tuesday on CNBC's "Fast Money."
"It's currently trading at higher multiples than Apple has in the last 20 years. So, it's up there in the stratosphere," he said.
"It's a valuation that frankly I'm not sure we've seen for consumer electronics in a very long time. The ceiling to me would maybe be Garmin in 2007."
Anderson, the first analyst to initiate coverage of GoPro, has a $28 price target and a "buy"' rating.