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Garmin (NASDAQ:GRMN) was downgraded by equities researchers at Wells Fargo & Co. from an “outperform” rating to a “market perform” rating in a research report issued on Thursday, TheFlyOnTheWall.com reports.

The analysts wrote, “Garmin reported solid Q4 results and provided a strong outlook for growth in 2014. The company guided to better revenue growth than we expected in ’14, but with a slightly higher tax rate and Ad spending in our model our EPS outlook for ’14 and ’15 is largely unchanged. With the move in the stock following results, we now view the risk/reward as balanced and are downgrading our rating on shares of Garmin to Market Perform from Outperform. We continue to like the outlook for Garmin’s business and believe the company is producing some of its most innovative products, but we think the street’s outlook is now in line with our outlook and the opportunity in Garmin shares is more in line with the market.”

A number of other analysts have also recently weighed in on GRMN. Analysts at Zacks downgraded shares of Garmin from an “outperform” rating to a “neutral” rating in a research note on Tuesday, January 14th. They now have a $48.00 price target on the stock. Separately, analysts at Oppenheimer upgraded shares of Garmin from a “market perform” rating to an “outperform” rating in a research note on Monday, January 13th. They now have a $58.00 price target on the stock. Finally, analysts at Citigroup Inc. initiated coverage on shares of Garmin in a research note on Tuesday, December 10th. They set a “neutral” rating and a $48.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and five have assigned a buy rating to the stock. Garmin has a consensus rating of “Hold” and an average target price of $47.39.

In other Garmin news, Director Sean Biddlecombe unloaded 2,117 shares of Garmin stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $51.86, for a total transaction of $109,787.62. The transaction was disclosed in a filing with the SEC, which is available at this link.

Shares of Garmin (NASDAQ:GRMN) opened at 51.97 on Thursday. Garmin has a one year low of $32.52 and a one year high of $52.72. The stock’s 50-day moving average is $46.19 and its 200-day moving average is $45.43. The company has a market cap of $10.142 billion and a price-to-earnings ratio of 16.53.

Garmin (NASDAQ:GRMN) last released its quarterly earnings data on Wednesday, February 19th. The company reported $0.76 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.62 by $0.14. The company had revenue of $760.00 million for the quarter, compared to the consensus estimate of $712.78 million. Analysts expect that Garmin will post $2.60 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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