Barclays Maintains an 'Equalweight' on Garmin Ltd. (GRMN); TOM2 Highlights Ongoing PND Pressure
Tweet
Share
E-mailGet Alerts GRMN Hot Sheet
Price: $294.85 +0.60%
Rating Summary:
7 Buy, 15 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
7 Buy, 15 Hold, 1 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Join SI Premium – FREE
Barclays maintains an 'Equalweight' on Garmin Ltd. (NASDAQ: GRMN), PT $30.
Barclays analyst says, "While we believe that management's full year guidance already incorporated market expectations broadly in line with TomTom's reduced outlook for PNDs, the negative preannouncement from Garmin's largest competitor continues to add to the structural concerns hanging over the company's largest revenue generator."
"We believe that Garmin's 2011 guidance largely factored in market declines in line with TomTom's updated outlook. We believe Garmin's expectations for unit declines of 10% globally estimates 15-20% and 8-10% unit declines in the U.S. and Europe, respectively. Coupled with guidance of a 5-10% reduction in ASPs, this suggests U.S. and European market decline expectations of 20-30% and 13-20% compared to TomTom's estimates of 30% and 10% in each market."
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 $32.22 yesterday.
Barclays analyst says, "While we believe that management's full year guidance already incorporated market expectations broadly in line with TomTom's reduced outlook for PNDs, the negative preannouncement from Garmin's largest competitor continues to add to the structural concerns hanging over the company's largest revenue generator."
"We believe that Garmin's 2011 guidance largely factored in market declines in line with TomTom's updated outlook. We believe Garmin's expectations for unit declines of 10% globally estimates 15-20% and 8-10% unit declines in the U.S. and Europe, respectively. Coupled with guidance of a 5-10% reduction in ASPs, this suggests U.S. and European market decline expectations of 20-30% and 13-20% compared to TomTom's estimates of 30% and 10% in each market."
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 $32.22 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Advance Auto Parts (AAP) PT Lowered to $48 at DA Davidson Following 25% Selloff Post Q2 Results
- Intchains Group Ltd (ICG) PT Lowered to $2 at Benchmark Following 1H Results
- Walmart (WMT) PT Lowered to $125 at JPMorgan, Overweight Rating Maintained as 'Short Case Feels Greedy'
Create E-mail Alert Related Categories
Analyst CommentsRelated Entities
BarclaysSign 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!
