Garmin (GRMN) Sees Early Pressure on CES Takeaway

January 9, 2013 9:42 AM EST
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Price: $48.40 -2.71%

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    5 Buy, 14 Hold, 3 Sell

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    Up: 24 | Down: 25 | New: 8
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Garmin (NASDAQ: GRMN) sees early pressure. Shares are down 3.2%.

This morning, Goldman Sachs offered a takeaway from CES meetings with the company.

Garmin expects its PND units to decline in line with the market at 15%-20% in 2013, implying potential downside to our current estimate for a market unit decline of 11% and Garmin’s unit decline of 7%. The company may discuss capital allocation, including a potential buyback, on its 4Q earnings call.

The firm maintained a Sell rating.

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