Barclays Maintains an 'Equalweight' on Garmin Ltd. (GRMN); Executing to Plan
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Price: $141.02 +1.08%
Rating Summary:
6 Buy, 17 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 5 | Down: 3 | New: 2
Rating Summary:
6 Buy, 17 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 5 | Down: 3 | New: 2
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Barclays maintains an 'Equalweight' on Garmin Ltd. (NASDAQ: GRMN), PT $30.
Barclays analyst says, "Overall, we believe that trends in Garmin's core businesses are progressing broadly in-line. Namely, absent any unforeseeable demand shocks, we believe the company is managing its declining PND business, while continuing to support growth initiatives in its other segments...PND Market Declines In-Line with Expectations: Our checks suggest that US PND shipments are thus far trending in-line, with annual expectations of mid-teens unit declines. Last year's inventory issue is unlikely to repeat itself, while share is locked between the top two vendors. A mix shift to lifetime map products and subsequent revenue deferral remains a near-term margin headwind."
"While uncertainty around the pace of declines in Garmin's largest business is likely to remain an overhang, valuation support and a proactive capital allocation strategy are likely to keep the shares range-bound."
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 $33.77 yesterday.
Barclays analyst says, "Overall, we believe that trends in Garmin's core businesses are progressing broadly in-line. Namely, absent any unforeseeable demand shocks, we believe the company is managing its declining PND business, while continuing to support growth initiatives in its other segments...PND Market Declines In-Line with Expectations: Our checks suggest that US PND shipments are thus far trending in-line, with annual expectations of mid-teens unit declines. Last year's inventory issue is unlikely to repeat itself, while share is locked between the top two vendors. A mix shift to lifetime map products and subsequent revenue deferral remains a near-term margin headwind."
"While uncertainty around the pace of declines in Garmin's largest business is likely to remain an overhang, valuation support and a proactive capital allocation strategy are likely to keep the shares range-bound."
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 $33.77 yesterday.
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