Wells Fargo Starts Garmin Ltd. (GRMN) at Outperform; Growth in Aviation, Fitness, Marine, & Outdoor

Wells Fargo initiates coverage on Garmin Ltd. (NASDAQ: GRMN) with an Outperform. PT $47.00.

Analyst, Andrew Spinola, said, "Garmin is showing solid growth in all of its segments except for Auto. The primary driver of the Auto segment is the Portable Navigation Device (PND) business and the PND business is in secular decline. As a result of this secular trend, Garmin’s organic revenue growth rate for the mid-term is roughly flat as the 5-10% annual declines in the PND business offset solid growth in the company's other segments. Despite this headwind, we believe GRMN's valuation fully reflects the state of the PND business and doesn’t fully reflect the value of GRMN’s other businesses and net cash."

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 $39.97 yesterday.

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