Canaccord Adams Slashes Price Target on Garmin (GRMN) to $30
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Canaccord Adams lowers its price target on Garmin Ltd (Nasdaq: GRMN) from $43.50 to $30 per share, while maintaining their Hold rating. The firm said Garmin faces increased inventory and competition.
The firm said, " There are signs pointing to further retailer de-stocking of PND units in the EU and US, continuing the slide from Q2/08. Additionally, Garmin could face margin pressure in the upcoming quarters due to high inventory levels, aggressive pricing from TomTom in an effort to gain US market share, and the potential bankruptcy filing of Circuit City in the US."
Shares of Garmin are down 3% today to $33 per share.
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