Baird Calls Apple's Map Program an 'Incremental Negative' for Garmin (GRMN), TeleNav (TNAV)

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Robert Baird's William Power commented on the sector-wide implications of Apple's (Nasdaq: AAPL) new turn-by-turn navigation map platform in a research note Tuesday morning. The analyst called the news an "incremental negative" for both Garmin (Nasdaq: GRMN) and TeleNav (Nasdaq: TNAV). As such, Power downgraded shares of TeleNav from Neutral to Underperform earlier.

The Baird analyst also said the new Apple initiative will become a direct competitor to Google (Nasdaq: GOOG) Maps.

Outside of the GPS group, Power said increased data usage from FaceTime could benefit infrastructure providers like Ericsson (Nasdaq: ERIC) and create sales opportunities for providers like AT&T (NYSE: T) and Verizon (NYSE: VZ).

While Garmin shares are up 2.6 percent to $39.20 at last check (after gapping lower at the open), shares of TeleNav are down about 8 percent.

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