GoPro: An Extremely Speculative Buy On A Binary, Event-Driven Thesis

2026-06-24 08:19:04 ET

Investment Thesis

I rate GoPro (NASDAQ: GPRO ) an Extremely Speculative Buy with an optimistic base-case target of $1.45, roughly 81% above the current price of $0.80. The upside in this scenario is uncapped, but that’s simply because I cannot reasonably calculate the likelihood that any given catalyst materializes. GoPro is a distressed, cash-burning hardware company with substantial doubt about its ability to continue as a going concern (doubt about its ability to survive), negative book equity, and a floating-price convertible driving the share count higher every month. On those facts alone, the market’s instinct to price it as a probable zero is understandable and fair, so my valuation of GoPro's future is deliberately non-traditional....

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