Morgan Joseph Maintains a 'Sell' on Garmin Ltd. (GRMN); Revises 2010 Estimates and PT
GRMN Hot Sheet
Rating Summary:2 Buy, 5 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 16 | Down: 7 | New: 23
Morgan Joseph maintains a 'Sell' on Garmin Ltd. (Nasdaq: GRMN), but raises price target from $14 to $20.
Morgan analyst says, "We now estimate 2009 sales of $2.80bn and EPS of $3.01, respectively. For 2010, we now expect sales of $2.56bn and EPS of $2.15, revised from $2.60bn and $1.80, respectively. We are introducing 2011 sales and EPS estimates of $2.53bn and $1.86, respectively. Given our longer term growth expectations for the non-PND segments despite a contracting Auto/Mobile business, we are maintaining our SELL rating but increasing our price target to $20.00 from $14.00. With increases in market multiples, our new price target is based on 7x our 2010 $2.15 EPS estimate plus the company's $5.11 in cash per share."
To see more analyst ratings on GRMN Click Here.
Garmin Ltd. and its subsidiaries design, develop, manufacture, and market global positioning system (GPS)-enabled products and other navigation, communication, and information products worldwide.
Morgan analyst says, "We now estimate 2009 sales of $2.80bn and EPS of $3.01, respectively. For 2010, we now expect sales of $2.56bn and EPS of $2.15, revised from $2.60bn and $1.80, respectively. We are introducing 2011 sales and EPS estimates of $2.53bn and $1.86, respectively. Given our longer term growth expectations for the non-PND segments despite a contracting Auto/Mobile business, we are maintaining our SELL rating but increasing our price target to $20.00 from $14.00. With increases in market multiples, our new price target is based on 7x our 2010 $2.15 EPS estimate plus the company's $5.11 in cash per share."
To see more analyst ratings on GRMN Click Here.
Garmin Ltd. and its subsidiaries design, develop, manufacture, and market global positioning system (GPS)-enabled products and other navigation, communication, and information products worldwide.
You May Also Be Interested In
- Barclays Cuts Estimates and Price Target on ADP (ADP); Mixed Data From Investor Day
- Barclays Maintains an 'Equalweight' on Teva Pharma (TEVA); Adjusting Estimates After Business Update
- Barclays Lowers Estimates on Tiffany & Co. (TIF); Still Sees Significant Value
Create E-mail Alert Related Categories
Analyst CommentsRelated Entities
Morgan JosephSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
