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Forget Apple, this could be year's hottest gift: Pro

GoPro for the holidays?

Action camera maker GoPro is getting an early jump on the holiday season and could see big growth opportunities in the back half of the year, Dougherty & Co. Senior Research Analyst Charlie Anderson said Wednesday.

Anderson recently got a sneak peak at GoPro's new holiday display in a San Francisco area Best Buy and said he saw some encouraging signs at the store.

"The one store that we visited that had this holiday display … they were sold out of the most expensive versions of the camera," he said on CNBC's "Fast Money."

In addition to strong camera sales, Anderson said GoPro could cash in this holiday season on the accessories market. According to Anderson, GoPro's new displays have twice the shelf space for accessories. "That could be kind of a stocking stuffer type item. That will be good over the holidays as well," he said.

One hot accessory that GoPro could look to cash in on this holiday season is the "Fetch," a new mount built specifically for dogs. Anderson said the canine contraption and other innovative fixtures could be a key way for GoPro to expand into new channels.

"They need to break into some new distribution channels … this struck me as the perfect product to get them into a PetSmart or a Petco," he said.

Whether or not GoPro is heading to your local pet store, Anderson was confident that more and more retailers are likely to adopt the new holiday displays. "It's one of the hottest categories … I would imagine a good majority of retailers are going to take this display."

By CNBC's Michael Newberg