Alphabet Inc.’s (GOOG) latest push into hardware, with a handful of new products released Wednesday, sent shares of GoPro Inc. (GPRO) down about 13% in the two days following the announcement. While investors sold off the stock over fears that Google’s new Clips camera could steal market share away from GoPro’s small action cameras, one team of analysts on the Street says the new competition is actually a good thing for GPRO stock.

In a research note released Friday, JPMorgan analyst Paul Coster highlighted the recent dip as an opportunity for investors to buy shares of the beaten-down adventure camera maker. "The stock looks particularly compelling owing to a 2-day sell-off spurred by the introduction of Google Clips, a consumer-oriented capture device that validates part of GoPro’s market, competes peripherally, and otherwise seems to be going in a different direction,” wrote the JPMorgan analyst.

Coster highlighted the fact that while Google’s Clips camera looks a lot like GoPro’s, the camera has a lot of differences that make it less attractive to GoPro’s action-centric audience. Unlike GoPro’s cameras, the Google product is not meant to be wearable, is not waterproof or dust proof and is overall less-suited to address the needs of the adventure segment.

A Different Kind of Beast

That doesn’t mean investors in San Mateo, Calif.-based GoPro should completely ignore Google’s new product, however. Coster highlights two features of Google Clips that “should worry GoPro investors,” including the in-device machine learning capability, and the smartphone-based media-management and social-media-based sharing features that facilitate video-based storytelling.

At the same time, these AI-centric features mirror and hence validate GoPro’s similar push into AI and social sharing. The company recently launched a phone app that automatically edits videos from its cameras that are easily shared via social media. New software also helps users to edit footage form its 360-degree panoramic camera.

JPMorgan rates GoPro as a buy with a $15 price target, almost 52% above Friday's closing price of $9.88. (See also: Sell GoPro Shares, Dougherty Says Again.)

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