Garmin (GRMN) Sinks on SiRF Warning

Shares of Garmin Ltd. (Nasdaq: GRMN) are under pressure today following the warning from SiRF Technology (Nasdaq: SIRF). SiRF experienced greater than expected softness in product demand from its customers especially in the PND, or Personal Navigation Devices market, where Garmin is a leader.

Commenting on the news, Deutsche Bank said while SiRF indicated that most of the shortfall came from smaller PDN vendors, they think this will still have a clear impact on Garmin and TomTom. The analyst commented, "Garmin may be able to outperform its peers this year, but at some point we think the law of gravity and slowing consumer demand will have an effect on their numbers". They rate Garmin a Hold.

Shares of Garmin are 6% lower to $58.70. [LJ]

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