Dougherty & Co Downgrades Garmin Ltd. (GRMN) to Neutral; Outstanding Performance, But Shares Priced to Perfection

Dougherty & Co downgraded Garmin Ltd. (NASDAQ: GRMN) from Buy to Neutral, price target raised from $40 to $47.

Analyst, Charlie Anderson, said, "We are downgrading Garmin because we believe the stock is priced to perfection after blowout Q411 earnings extended a three-month rally in the shares. We have long felt investors did not fully appreciate the value of Garmin’s non-PND businesses. Finally, they do."

Anderson raises 2012 Revenue to $2.72B from $2.47B; EPS to $2.56 from $2.14...2013 Revenue to $2.67B from $2.53B; EPS to $2.60 from $2.46.

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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