GoPro Inc. (NASDAQ: GPRO) is scheduled to report its first-quarter financial results Tuesday after the markets close. Thomson Reuters has consensus estimates of $0.18 in earnings per share (EPS) on $340.99 million in revenue.

Piper Jaffray has opined that both GoPro and Nike Inc. (NYSE: NKE) have plenty of room to run. The firm has issued price targets with strong double-digit upside.

GoPro is considered to be the king of wearable cameras for sports enthusiasts. There may be few barriers to entry for current and future competitors, and it may have cheaper alternatives on the market already. Still, Piper Jaffray issued a $55 price target on Tuesday evening, after raising its GoPro rating to Overweight from Neutral.

The driving force behind the GoPro upgrade is a rapid adoption of the brand by enthusiasts, where adventure junkies are becoming daily users now. Another boost in GoPro is underlying pricing gains and a stronger desire from young users to receive GoPro. All this is expected to bring higher use inside the GoPro ecosystem, now that it has media efforts at least somewhat underway.

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In this quarter, GoPro announced that it had launched its own channel on video service Vessel. This is the next step in GoPro’s evolution beyond its YouTube channel. Previously, the company had contracted to have its channel streaming on both Xbox One and Xbox 360. Other partners that carry its streaming channel include Virgin America, YouTube, Facebook, Instagram, Twitter and Pinterest, to name a few.

GoPro previously announced an agreement with Roku to bring GoPro content to millions of viewers this spring. The company also launched the GoPro Channel App for LG Smart TVs.

In just the past couple of months, GoPro entered into a partnership with the National Hockey League (NHL). This started the weekend of the NHL All-Star Skills Competition and All-Star Game, where players wore GoPro cameras that transmitted live video for the broadcast. The idea of the partnership is to deliver never-before-seen perspectives in the game. This was the first major professional sports league that has partnered with GoPro. Throughout the NHL season, GoPro cameras will provide a live video broadcast for the NHL. This will also take place in online channels as well.

Shares of GoPro were up 2.3% at $46.24 ahead of earnings on Tuesday afternoon. The stock has a consensus analyst price target of $63.23 and a 52-week trading range of $28.65 to $98.47.

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