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GoPro investors are overreacting to the potential threat from Google's new camera product, according to JPMorgan.
Alphabet unveiled its new pocket-sized Google Clips camera on Wednesday. GoPro shares fell a total of 13 percent Wednesday and Thursday due to the announcement.
Google Clips is "not a short-term threat … [It is] not designed as a PoV [point of view] camera, not wearable, not ruggedized, lacking sound, image stabilization, high frame-rate and a host of other features," analyst Paul Coster wrote in a note to clients Friday.
"The stock looks particularly compelling here owing to a 2-day sell-off spurred by the introduction of Google Clips, a consumer-oriented capture device that validates part of GoPro's market, competes peripherally, and otherwise seems to be going in a different direction."
Coster reiterated his overweight rating and $15 price target for GoPro shares, representing 55 percent upside from Thursday's close.
Shares of GoPro rose 2 percent midday Friday after the report.
"Talking to GoPro's upbeat CFO, yesterday, we sense that the firm's technology road-map, partnering with leading chip OEMs [original equipment manufacturers], will lead to more on-device AI features soon," he wrote.