GoPro Shares Fall to Record Low After Goldman, Citi Say Sell
- Saturated market, botched product introduction add to woes
- Former market darling has struggled to move past cube camera
Why Goldman and Citi Recommend Selling GoPro
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GoPro Inc. fell to a record low Monday after Goldman Sachs Group Inc. became the second firm in two days to recommend selling the stock, highlighting the camera maker’s struggles to compete in an increasingly crowded market and overcome missteps with new products.
"We think GoPro’s main challenge is that its core action market is largely saturated, as it has not attracted a significantly broader and more mainstream audience," Simona Jankowski, an analyst at Goldman Sachs, wrote in a note to clients. "We expect GoPro to continue to struggle fundamentally."