Needham & Company Maintains a 'Hold' on Garmin Ltd. (GRMN); Surprise Upside in 1Q11 on Big Auto Beat; Not Prepared to Call a Trend

Needham & Company maintains a 'Hold' on Garmin Ltd. (NASDAQ: GRMN).

Needham analyst says, "Garmin delivered surprisingly strong results in 1Q11, especially in its Auto business, which grew 20% y/y aided by strong OEM growth. This strong performance raises the question of whether after about 2 years of revenue decline GRMN may have turned the corner and become a growth story again. If so the stock could continue to work. However, we’re not prepared to call one quarter a trend and are somewhat skeptical the upside performance in Auto and (to a lesser degree) Marine are sustainable. We therefore remain on the sidelines with a Hold rating."

For more ratings news on Garmin Ltd. click here and for the rating history of Garmin Ltd. click here.

Shares of Garmin Ltd. closed at $35.28 yesterday.

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