Garmin Rating Increased to Outperform at Oppenheimer (GRMN)
Garmin (NASDAQ:GRMN) was upgraded by equities research analysts at Oppenheimer from a “market perform” rating to an “outperform” rating in a research note issued to investors on Monday, TheFlyOnTheWall.com reports. The firm currently has a $58.00 price objective on the stock. Oppenheimer’s price objective would suggest a potential upside of 27.73% from the company’s current price.
Several other analysts have also recently commented on the stock. Analysts at Citigroup Inc. initiated coverage on shares of Garmin in a research note to investors on Tuesday, December 10th. They set a “neutral” rating and a $48.00 price target on the stock. Separately, analysts at Merrill Lynch downgraded shares of Garmin from a “buy” rating to a “neutral” rating in a research note to investors on Thursday, November 7th. Finally, analysts at Bank of America Corp. downgraded shares of Garmin from a “buy” rating to a “neutral” rating in a research note to investors on Thursday, November 7th. They now have a $51.00 price target on the stock. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and eight have assigned a buy rating to the company’s stock. Garmin presently has an average rating of “Hold” and a consensus target price of $47.61.
Shares of Garmin (NASDAQ:GRMN) traded up 0.80% during mid-day trading on Monday, hitting $45.41. 1,222,170 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 has a 50-day moving average of $46.88 and a 200-day moving average of $43.63. The company has a market cap of $8.865 billion and a P/E ratio of 15.32.
Garmin (NASDAQ:GRMN) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.69 earnings per share for the quarter, beating the analysts’ 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 last year, the company posted $0.74 earnings per share. Garmin’s revenue was down 4.3% compared to the same quarter last year. On average, analysts predict that Garmin will post $2.47 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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