Deutsche Bank Upgrades Garmin (GRMN) to Hold
GRMN Hot Sheet
Rating Summary:2 Buy, 5 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 16 | Down: 7 | New: 23
Deutsche Bank upgrades Garmin (Nasdaq: GRMN) to Hold. Price target increased from $15 to $33.
Deutsche analyst says, "We are raising our Q3 & Q4 estimates on retailer restocking trends which appear to be playing catch-up with overly-tight inventory levels earlier in the year. Long-term trends remain highly unfavorable, and we still expect a secular decline in PND sales, with nothing to offset this in Garmin’s orders. Despite this we would not be sellers of the stock going into the coming earnings season. The next catalyst will be sell-through trends which should become clearer post-Black Friday."
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.
Deutsche analyst says, "We are raising our Q3 & Q4 estimates on retailer restocking trends which appear to be playing catch-up with overly-tight inventory levels earlier in the year. Long-term trends remain highly unfavorable, and we still expect a secular decline in PND sales, with nothing to offset this in Garmin’s orders. Despite this we would not be sellers of the stock going into the coming earnings season. The next catalyst will be sell-through trends which should become clearer post-Black Friday."
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.
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