Garmin Lowered to Neutral at Zacks (GRMN)
Garmin (NASDAQ:GRMN) was downgraded by Zacks from an “outperform” rating to a “neutral” rating in a research report issued to clients and investors on Tuesday, American Banking News reports. They currently have a $48.00 price objective on the stock. Zacks‘ price target would indicate a potential upside of 5.70% from the company’s current price.
Zacks‘ analyst wrote, “Garmin is an OEM of GPS-based equipment. September quarter earnings exceeded the Zacks Consensus Estimate. The results indicate that Garmin is successfully diversifying its business away from the shrinking PND market although near term pressures may be expected to continue because PNDs still make up a significant portion of its revenues. At the same time, Garmin’s market share, brand equity, compelling new products across segments, strategic alliances and financial position remain positives. Though we believe that Garmin has the financial muscle to overcome the fierce competition, pricing pressure and PND cannibalization by smartphones will continue to weigh on the company’s financials. We are therefore downgrading Garmin shares from Outperform to Neutral.”
A number of other analysts have also recently weighed in on GRMN. Analysts at Oppenheimer upgraded shares of Garmin from a “market perform” rating to an “outperform” rating in a research note to investors on Monday. They now have a $58.00 price target on the stock. Separately, 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. Finally, 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. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have given a buy rating to the stock. Garmin has a consensus rating of “Hold” and an average price target of $46.61.
Shares of Garmin (NASDAQ:GRMN) traded up 2.05% during mid-day trading on Tuesday, hitting $46.34. 736,398 shares of the company’s stock traded hands. Garmin has a 1-year low of $32.52 and a 1-year high of $50.39. The stock’s 50-day moving average is $46.88 and its 200-day moving average is $43.63. The company has a market cap of $9.047 billion and a P/E ratio of 15.45.
Garmin (NASDAQ:GRMN) last issued its quarterly earnings data 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. Analysts expect that Garmin will post $2.47 EPS 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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