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The GoPro debate: Headed for personal device graveyard?

Is go-anywhere camera maker GoPro a "one product wonder" doomed to go the way of Blackberry phones? Or an innovative product that can complement the ubiquitous smartphone?

The debate played out in the markets Monday after analysts publicly decried the stock in a popular investing publication. Share prices of GoPro declined more than 8 percent Monday afternoon to $32 per share, after financial magazine Barron's published an article estimating the stock would fall to $25, close to its public offering price.

The action cameras, and their first-person viral videos, currently rake in top sales for video cameras. But while one analyst told CNBC that new investments, like virtual reality, could pay off for the company, another said the GoPro needs a new product to stay relevant as smartphones improve.

"The smartphone, popularizing of social networking and imaging is actually a boon for GoPro, because GoPro is a perfect companion device for anybody whose an athlete, has an active lifestyle, has children," Alex Gauna, managing director at JMP Securities, told CNBC's "Closing Bell" Monday. "Those are the things you want to be capturing with a GoPro, and you're not going to be risking your investment in smartphone hardware."

Read MoreGoPro is a 'one-trick pony,' expert says

A GoPro Hero4 camera
Getty Images
A GoPro Hero4 camera

The Barron's article, however, reported that as phonemakers such as Apple released better cameras, GoPro shares actually tended to slip. That hasn't been the only disappointment for investors, another analyst said.

"Even GoPro knew when they went public, they stressed it was more than just the camera, it was the media," Chris Johnson, director of research at JK Investment Group, told CNBC. "When you look at the media side of things, their website traffic peaked last December and has been going down."

Though GoPro shares are now down about $50 for the year, Gauna said he's still bullish on the stock.

"There really is no competition showing up," Gauna said. "It still is a brand that can go a long, long way."

Disclosure: JMP Securities is a market maker for GoPro, was involved in the company's initial public offering, and intends to seek compensation for investment banking services from GoPro.