Goldman Sachs Added Garmin Ltd. (GRMN) to its Conviction Sell List
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Goldman Sachs added Garmin Ltd. (Nasdaq: GRMN) to its Conviction Sell List, with a downside $23 price target which represents a roughly 30% down move. The firm sees meaningful risk to Street estimates in Q4 and 2010 saying the PND market will deteriorate faster and gross margins will normalize around 41%, much lower than current levels. The firm also cited valuation.
Garmin Ltd. and its subsidiaries design, develop, manufacture, and market global positioning system (GPS)-enabled products and other navigation, communication, and information products worldwide.
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