Goldman Sachs Downgrades Garmin Ltd. (GRMN) to Sell on Weak PNDs and Fitness Trends
Tweet Send to a FriendGet Alerts GRMN Hot Sheet
Price: $35.76 +2.35%
Rating Summary:
7 Buy, 3 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 8 | Down: 12 | New: 30
Rating Summary:
7 Buy, 3 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 8 | Down: 12 | New: 30
Trade GRMN Now!
Goldman Sachs downgraded Garmin Ltd. (NASDAQ: GRMN) from Neutral to Sell with a price target of $34.00 (from $39.00).
"Our FY13 EPS estimate is 10% below consensus on weaker sales in personal navigation devices (PNDs) and Fitness as a result of increased smartphone cannibalization and competition, the firm comments. "We expect PND trends to weaken as a result of stronger smartphone growth in 4Q and into 2013. In Fitness, we see increased competition pressuring market share and margins. Importantly, we view Garmin more as a relative underperformer, as its 4.9% dividend yield and $13.86 in cash per share (38% of the market cap) lend support to the stock."
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 $37.01 yesterday, with a 52 week range of $34.41-$50.67.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
"Our FY13 EPS estimate is 10% below consensus on weaker sales in personal navigation devices (PNDs) and Fitness as a result of increased smartphone cannibalization and competition, the firm comments. "We expect PND trends to weaken as a result of stronger smartphone growth in 4Q and into 2013. In Fitness, we see increased competition pressuring market share and margins. Importantly, we view Garmin more as a relative underperformer, as its 4.9% dividend yield and $13.86 in cash per share (38% of the market cap) lend support to the stock."
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 $37.01 yesterday, with a 52 week range of $34.41-$50.67.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Goldman Sachs Upgrades Enbridge (ENB) to Conviction Buy
- Barclays Downgrades American Capital Agency (AGNC) to Equalweight
- Goldman Sachs Downgrades Charles River Labs (CRL) to Sell; Sees 12% Downside
Create E-mail Alert Related Categories
Analyst PT Change, Downgrades, Hot DowngradesRelated Entities
Goldman Sachs, Dividend
Login with Facebook
Sign 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!
