GoPro shares were in free fall Monday, plummeting to an all-time low after Morgan Stanley downgraded the stock to "underweight" from "equal weight" and slashed its price target to $12 from $23. The firm cited inventory issues and slowing consumer drone opportunities for the call.
Morgan Stanley is just the latest in a series of downgrades for the stock. Citigroup and Baird recently lowered their outlooks, with Citi cutting its target to $22 from $75 and Baird reducing its rating to "neutral."
Read MoreTech watch: GoPro
Shares of the camera maker are now down more than 70 percent this year and more than 80 percent from its October 2014 all-time high, but one trader thinks a turnaround may be afoot.
"I think GoPro could double in the next year," Andrew Keene told CNBC's "Trading Nation" on Monday. "Any good news would be positive for the stock."