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Analysts at Morgan Stanley assumed coverage on shares of Garmin (NASDAQ:GRMN) in a research report issued to clients and investors on Wednesday. The firm set an “underweight” rating and a $52.00 price target on the stock. Morgan Stanley’s target price indicates a potential downside of 14.05% from the stock’s previous close.

Shares of Garmin (NASDAQ:GRMN) opened at 60.50 on Wednesday. Garmin has a 52-week low of $34.11 and a 52-week high of $60.95. The stock’s 50-day moving average is $57.65 and its 200-day moving average is $52.09. The company has a market cap of $11.784 billion and a price-to-earnings ratio of 18.22.

Garmin (NASDAQ:GRMN) last released its earnings data on Wednesday, April 30th. The company reported $0.55 EPS for the quarter, beating the Thomson Reuters 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 prior year, the company posted $0.40 earnings per share. The company’s quarterly revenue was up 9.6% on a year-over-year basis. Analysts expect that Garmin will post $2.77 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which is scheduled for Monday, June 30th. Shareholders of record on Tuesday, June 17th will be paid a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a dividend yield of 3.17%. The ex-dividend date is Friday, June 13th.

A number of other firms have also recently commented on GRMN. Analysts at Citigroup Inc. reiterated a “buy” rating on shares of Garmin in a research note on Tuesday, May 27th. They now have a $65.00 price target on the stock. Separately, 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. Finally, 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. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company’s stock. Garmin has an average rating of “Hold” and an average price target of $55.25.

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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