Morgan Joseph Reiterates a 'Sell' on Garmin (GRMN)
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Morgan Joseph reiterates a 'Sell' on Garmin Ltd. (Nasdaq: GRMN), price target $14.
Morgan analyst says, "We expect Garmin to announce 3Q09 sales and EPS of $700mm and $0.59, respectively, while the Street expects $702mm and $0.69. Although Garmin may benefit somewhat from channel stocking, we believe ASP deterioration continued in the quarter. We anticipate that gross margins may be negatively impacted due to the depreciating dollar throughout 3Q09. We continue to estimate 2009 sales of $2.69bn and EPS of $2.42, while for 2010, we estimate sales of $2.60bn and EPS of $1.80. As such, we are reiterating our SELL rating and price target of $14.00, which is based on roughly 5x our 2010 EPS estimate plus the company's $4.87 in cash per share."
To see more analyst ratings on GRMN Click Here.
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