GoPro Inc. rebounded Friday morning from a two-day downturn that began when Alphabet Inc.’s Google introduced a wearable camera seen as a potential competitor to GoPro’s core products. After falling 13% in two days, GoPro stock moved as much as 5% higher in early trading Friday after Morgan Stanley analysts wrote that the sell-off was overdone and played down the threat from Google. The Google Clips camera is “not designed as a [point-of-view] camera, not wearable, not ruggedized, lacking sound, image stabilization, high frame-rate and a host of other features,” the analysts noted. “In short, Google Clips appears to address a subset of the needs of the smart-home market and not GoPro’s traditional active-lifestyle market, so the sell-off seems a bit over-done to us.” Morgan Stanley has an overweight rating on the stock with a $15 price target, the highest tracked by FactSet. GoPro stock has fallen 39.7% in the past year, as the S&P 500 index has gained 18.1%.
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