Garmin Rating Increased to Neutral at Goldman Sachs Group Inc. (GRMN)
Garmin (NASDAQ:GRMN) was upgraded by research analysts at Goldman Sachs Group Inc. from a “sell” rating to a “neutral” rating in a report released on Wednesday, TheFlyOnTheWall.com reports. The firm currently has a $39.00 price objective on the stock, up from their previous price objective of $34.00. Goldman Sachs Group Inc.’s price objective indicates a potential upside of 1.43% from the stock’s previous close.
The analysts wrote, “We upgrade Garmin to Neutral from Sell following its launch of the VIRB and VIRB Elite action camera products on August 20. We view the $1bn+ action camera market as an attractive adjacency for Garmin, as it is characterized by high growth, solid margins, and fragmented competition. In addition, Garmin can leverage its strong brand in the athlete market and existing distribution channel to gain share. We raise our FY13/14/15 adjusted EPS estimates to $2.40/$2.40/$2.53 from $2.38/$2.29/$2.35 on action camera sales. Since being added to the Sell list on November 11, 2012, GRMN is up 4% vs. the S&P 500 up 20%. Over the last 12 months, GRMN is down 8% vs. the S&P up 17%.”
Garmin (NASDAQ:GRMN) traded up 2.37% during mid-day trading on Wednesday, hitting $39.36. 202,716 shares of the company’s stock traded hands. Garmin has a 1-year low of $32.52 and a 1-year high of $43.33. The stock’s 50-day moving average is $37. and its 200-day moving average is $35.69. The company has a market cap of $7.688 billion and a P/E ratio of 14.24.
Garmin (NASDAQ:GRMN) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $0.76 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.65 by $0.11. The company had revenue of $697.00 million for the quarter, compared to the consensus estimate of $665.84 million. During the same quarter last year, the company posted $0.98 earnings per share. Garmin’s revenue was down 3.0% compared to the same quarter last year. On average, analysts predict that Garmin will post $2.40 earnings per share for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at TheStreet upgraded shares of Garmin to a “buy” rating in a research note to investors on Friday, August 2nd. Separately, analysts at Zacks reiterated a “neutral” rating on shares of Garmin in a research note to investors on Thursday, August 1st. They now have a $42.00 price target on the stock. Finally, analysts at Needham & Company reiterated a “hold” rating on shares of Garmin in a research note to investors on Thursday, August 1st.
One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $39.64.
Garmin Ltd. (NASDAQ:GRMN) is a provider of navigation, communication and information devices and applications, which are enabled by global positioning system (GPS) technology.
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