There is no denying that it has been a rocky road for GoPro (GPRO). The action-camera maker has seen shares plunge 40% in the last year- and has largely fallen off the investor radar. But now there is a glimmer of hope on the horizon. Top-rated Oppenheimer analyst Andrew Uerkwitz (Track Record & Ratings) has just upgraded GoPro from Hold to Buy.

“After seeing the new product launch, we are confident to raise already Street-high estimates as well as upgrade the stock to Outperform with a $9 price target” states Uerkwitz. His $9 price target indicates robust upside potential of over 35% from current levels.

Here we can see the rating on TipRanks Daily Analyst Ratings Tool- where you can filter specifically for stock upgrades:

So what’s the story behind this bullish turn?

With upcoming features such as live streaming and gimbal-like image stabilization, we believe the products are compelling, writes Uerkwitz. Plus this should be enhanced by targeted marketing and a vastly improved software editing suite (something GoPro has quietly improved over the last 18 months).

Right now, this analyst sees investor expectations as overly negative given GoPro’s track record of underwhelming product development and management in recent years. “GoPro has never had competitive issues,” Uerkwitz wrote. “Its stock depreciation has largely been self-inflicted or moonshots that didn’t land. It’s arguably been left to the scrap heap. We believe it’s worth a second look.”

But the tide is about to turn: “We believe the company will deliver better than expected results due to a more focused product portfolio, low channel inventory, and improving pricing and marketing strategies.”

He concludes: “In summary, overlooked GoPro should be a buy.”

Interestingly if we click on the stock ticker, we can see that the Street overall has a more restrained Hold rating on the stock. This is with a price target of just $7.25:

For example, Wedbush analyst Michael Pachter (Track Record & Rating) has just reiterated his Hold rating with a $7 price target after the product-line announcement. Why? Pachter isn’t convinced that GoPro is spending enough on marketing to expand its user base. But watch what happens if we switch from All Analyst Consensus to Best-Performing Analyst Consensus. The consensus shifts to Moderate Buy. As you can see, this is due to Uerkwitz’s upgrade:

View GPRO Price Target & Analyst Rating Details

This shows that Uerkwitz is the only top analyst rating the stock right now- making his upbeat take on the stock that much more compelling.