GoPro will grow, analysts say

GoPro story gaining momentum

How much farther will GoPro go? According to analysts, it seems as if the sky is the limit.

"I think the company and the stock have great days ahead," Gene Urcan, managing director with the Cappello Group, told CNBC's "Closing Bell" Tuesday. "Long term, I just don't see any competitor dethroning GoPro."

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The stock, which trades on the NASDAQ as GPRO, traded around $49 a share Tuesday, just about doubling from its IPO price of $24 when it debuted last Thursday.

Analyst scorecard: Should you buy or sell GoPro?

Belpointe Asset Management Chief Strategist David Nelson initially said to avoid the stock and said he now feels like he may have gotten it wrong.

"The truth is I didn't do my homework," Nelson said. "What I missed that investors obviously have gotten is that this potential hardware company could simply morph into a media company."

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Nelson believes next quarter is going to be key for the company.

"The first quarter was down year over year, maybe it was part of the distraction of the IPO. I'm looking at the second quarter, maybe that will be an entry," he said.

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—By CNBC's Laura Petti.