NEW YORK, NY / ACCESSWIRE / September 27, 2018 / Shares of struggling camera maker GoPro saw big gains on Wednesday after receiving bullish comments and an “outperform” rating from Oppenheimer. Shares of Facebook also saw modest gains as the company introduced the new Oculus Quest headset.
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GoPro, Inc. shares were exploding on Wednesday after receiving a bullish note from a firm. The stock gained as much as 14% after Oppenheimer said the stock has been largely "overlooked." The firm gave the stock an "outperform" rating with a $9 price target after the camera company unveiled its first live-streaming camera. According to Oppenheimer, GoPro is "worth a second look" and that the company's live-streaming camera and turnaround strategy set GoPro to return to growth in 2019. "With compelling features such as live streaming and gimbal-like image stabilization, we believe the products are compelling," Oppenheimer said in its research note. Oppenheimer believes that GoPro has "largely fallen off everyone's radar after several difficult years." GoPro however has a strategy to turn around and has reduced its inventory which Oppenheimer says was the "biggest headache" for the company in the last two years.
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Facebook, Inc. shares were up 1.24% on about 25 million shares traded yesterday. The social media giant said on Wednesday that it's virtual reality division is getting ready to ship its high-powered, untethered headset, dubbed the Quest. At a price tag of $399, the standalone headset will ship in the spring and will come with over 50 game and experience titles available at launch. Facebook said that the headset is the company's "first all-in-one VR system with six degrees of freedom that lets you look around in any direction and walk through virtual space just as you would in the physical world." During Oculus Connect, CEO Mark Zuckerberg said that Quest works with hand controllers to create experiences that rival the company's wired Rift VR system. "It's got adjustable fit so it's comfortable to wear with glasses. It's got built in 360 audio. This thing is just wonderful," Zuckerberg remarked. In separate news, Instagram's co-founders Kevin Systrom and Mike Krieger announced they would be leaving the company this week.
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