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Garmin (NASDAQ:GRMN)‘s stock had its “buy” rating reiterated by equities researchers at Citigroup Inc. in a research report issued on Tuesday. They currently have a $65.00 target price on the stock. Citigroup Inc.’s price target indicates a potential upside of 13.26% from the company’s current price.

The analysts wrote, “big business.” Although Fitness accounted for only 14 percent of sales in 2013, Citi forecasts 42 percent year-over-year revenue growth in 2014 and 23 percent growth in 2015, led by the Vivofit activity monitor. In the meeting, management added that it needs to improve the video quality of the VIRB action camera. David remarked, “Garmin is committed to the category, but shied away from giving a timeline for the next-gen camera as we believe the VIRB re-design is a challenging undertaking. Outdoor wearables (trekking watches and the Approach S4 Golf GPS watch, which offers smart watch-like notifications) are growing nicely.” Following Thursday’s meeting, Citi expects “significant upside”

Shares of Garmin (NASDAQ:GRMN) traded up 1.03% on Tuesday, hitting $57.98. The stock had a trading volume of 929,678 shares. Garmin has a 52-week low of $33.67 and a 52-week high of $59.57. The stock’s 50-day moving average is $55.97 and its 200-day moving average is $50.64. The company has a market cap of $11.293 billion and a P/E ratio of 17.49.

Garmin (NASDAQ:GRMN) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.11. The company had revenue of $583.00 million for the quarter, compared to the consensus estimate of $541.00 million. During the same quarter in the previous year, the company posted $0.40 earnings per share. The company’s revenue for the quarter was up 9.6% on a year-over-year basis. Analysts expect that Garmin will post $2.77 EPS for the current fiscal year.

Other equities research analysts have also recently issued reports about the stock. Analysts at Needham & Company LLC raised their EPS on shares of Garmin in a research note on Thursday, May 1st. They now have a “hold” rating on the stock. They noted that the move was a valuation call. Separately, analysts at Zacks reiterated a “neutral” rating on shares of Garmin in a research note on Thursday, May 1st. They now have a $60.00 price target on the stock. Finally, analysts at DA Davidson reiterated a “neutral” rating on shares of Garmin in a research note on Wednesday, April 30th. They now have a $60.00 price target on the stock. Eight research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $55.61.

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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