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While GoPro stock has soared since its initial public offering, the company faces an uphill battle, Oppenheimer analyst Andrew Uerkwitz said Friday.
"If we think about 2014, we do think it's going to be a big year. We think the holiday season's going to be great," he said. "But as GoPro pivots away from action capture, what they've been known for, into what we call life-logging—you know, taking pictures of your kids' wedding, etc.—I think that's going to be a very difficult market to crack. And ultimately we think growth rates will decelerate pretty rapidly as we head through 2015, 2016."
GoPro, which is expected to report its first quarterly earnings after the Oct. 30 closing bell, has seen its stock soar by as much as 150 percent since its June 25 IPO.
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On CNBC's "Halftime Report," Uerkwitz said the lofty price was based on a "misunderstanding of how investors are viewing the market opportunity for GoPro."
Uerkwitz has a "sell" rating on the stock and a price target of $45 per share, or about 40 percent lower from its $72 range. Oppenheimer makes a market in shares of GoPro.
Consumers bought 24 million camcorders in 2010, dropping to 13 million units last year, he added.
"If you take GoPro out of it, it'd have been even a lot worse," he said. "Smartphones are taking a lot of share of the video capture market."
Uerkwitz said GoPro could face headwinds trying to expand its reach.
"Where GoPro's done extraordinarily well is really on action videos. So, if you need a camera to log a bike ride, your skiing, your surfing, GoPro is by far the best choice to do that," he said. "To take pictures of your kids, to share on Facebook, we think it's much, much easier to use your smartphone."
OptionMonster's Pete Najarian noted GoPro's market under-penetration in Asia and said the company had room to grow.
"I think Act One is not done, and I think Act Two is even better," he said. "And it's very much like the iPhone market, where you always have a new iteration."
Mike Murphy of Rosecliff Capital said that GoPro shares could be worth playing for a bounce following a selloff.
"And on a 30 percent pullback—if it is a strong holiday season, as he predicts—I think the stock could snap back," he added.