Canaccord Genuity Maintains a 'Buy' on Garmin Ltd. (GRMN); All Segments Post y/y Growth; Thesis Remains Intact

Canaccord Genuity maintains a 'Buy' on Garmin Ltd. (NASDAQ: GRMN) price target raised from $47.50 to $58.00.

Analyst, Jeff Rath, said, "We continue to believe that GRMN’s core PND business is only a couple of quarters away from troughing and see the other businesses providing good earnings power...We apply a 15x P/E multiple (up from 12x) to our new 2013 pro forma EPS estimate of $3.01, plus net cash, which yields our new price target of $58."

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 $48.86 yesterday.

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