Garmin Coverage Initiated at Midtown Partners (GRMN)
Analysts at Midtown Partners initiated coverage on shares of Garmin (NASDAQ:GRMN) in a research report issued to clients and investors on Friday, Stock Ratings Network reports. The firm set a “neutral” rating on the stock.
The analysts wrote, “Garmin is a premier consumer & industrial electronics company. Although its largest line of business – personal navigation devices (think windshield mounted GPS units) is contracting due to the increasing prevalence of smartphone technology, the company still generates significant high margin sales from this category. Additionally, the company’s other business lines – fitness, maritime and aviation products — are showing meaningful top line growth with healthy margins.”
Several other analysts have also recently commented on the stock. Analysts at Goldman Sachs Group Inc. raised their price target on shares of Garmin to $44.00 in a research note to investors on Thursday. They now have a “neutral” rating on the stock. Separately, analysts at DA Davidson set a $48.00 price target on shares of Garmin in a research note to investors on Thursday. They now have a “neutral” rating on the stock. Finally, analysts at Raymond James downgraded shares of Garmin from an “outperform” rating to a “market perform” rating in a research note to investors on Thursday. They now have a $42.00 price target on the stock. One analyst has rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the company. Garmin presently has an average rating of “Hold” and an average target price of $45.25.
Garmin (NASDAQ:GRMN) traded down 0.34% on Friday, hitting $46.59. 244,380 shares of the company’s stock traded hands. Garmin has a 52-week low of $32.52 and a 52-week high of $50.39. The stock’s 50-day moving average is $46.47 and its 200-day moving average is $39.19. The company has a market cap of $9.100 billion and a P/E ratio of 17.31.
Garmin (NASDAQ:GRMN) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.11. The company had revenue of $644.00 million for the quarter, compared to the consensus estimate of $628.50 million. During the same quarter in the previous year, the company posted $0.74 earnings per share. The company’s revenue for the quarter was down 4.3% on a year-over-year basis. On average, analysts predict that Garmin will post $2.43 earnings per share for the current fiscal year.
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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