GoPro surged Wednesday after Oppenheimer upgraded the "overlooked" stock, saying the company's turnaround efforts make it "worth a second look."

The firm had already published a bullish report last week, but Oppenheimer on Wednesday upgraded the stock to "outperform" after GoPro unveiled its first live-streaming camera.

"With compelling features such as live streaming and gimbal-like image stabilization, we believe the products are compelling," Oppenheimer said in its research note.

Shares of the action-camera maker spiked as much as 14 percent in choppy trading. The stock later pared its gains, but still ended the session 4.5 percent higher.

Still, GoPro shares have fallen nearly 40 percent in the past 12 months. The company's struggles forced it to slash prices during the 2017 holiday shopping season. That was followed by a 20 percent reduction of its global workforce in January. That same month, GoPro decided to exit the drone market, abandoning its Karma product line.

Oppenheimer argued that GoPro has "largely fallen off everyone's radar after several difficult years," but company management has laid out a strategy to turn the company around. GoPro has also managed to reduce its inventory, which Oppenheimer called the company's "biggest headache" of the past two years.

"GoPro has never had competitive issues. Its stock depreciation has largely been self-inflicted or moonshots that didn't land," Oppenheimer said.

But by continuing to reduce its inventory and launching these new products, Oppenheimer said GoPro is set to return to growth in 2019.

The firm introduced a $9 price target on GoPro, which represents a roughly 35 percent upside from the stock's Tuesday close of $6.62.