Shares of GoPro hit record lows Monday after a second major downgrade on concerns the action camera maker has reached the limits of its market.
The stock fell nearly 8 percent, hovering slightly above $8 a share, after Goldman Sachs downgraded the company to sell from neutral, and lowered its price target to $6 from $9.50.
“GoPro faces significant challenges following saturation of its core action cameras market, product rollout issues in the holiday season, and a disappointing entry into the drone market,” analyst Simona Jankowski wrote in a note to clients Monday.
