Wedbush Upgrades Garmin Ltd. (GRMN) to Outperform; See Further Upside After Q2 Report and Guide

August 2, 2012 9:02 AM EDT
Get Alerts GRMN Hot Sheet
Price: $48.18 +0.65%

Rating Summary:
    5 Buy, 14 Hold, 3 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 24 | Down: 17 | New: 14
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Wedbush upgraded Garmin Ltd. (NASDAQ: GRMN) from Neutral to Outperform with a price target of $55.00.

Analyst, Scott Sutherland, said, "We find shares attractively valued given our expectations the company should deliver further EPS upside to increased guidance and is returning to sustainable revenue and EPS growth. While we expect moderate declines in Auto/Mobile through at least 2013, we expect this to be more than offset by growth in other units."

FY12 EPS estimate raised from $2.77 to $2.88 and FY13 from $2.97 to $3.03. Revenues for FY12/13 both slightly lifted higher.

For an analyst ratings summary and ratings history on Garmin Ltd. click here. For more ratings news on Garmin Ltd. click here.

Shares of Garmin Ltd. closed at $39.37 yesterday.

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