|
|
 NEW! Display Delivery Status of Your Package Using Your Order Number or eBay User ID. Click Here!
|
Your Cart Contains: 0 Items |
 |
 |
 |
 |
|
 |
|
 |
|
 |
|
 |
|
 |
|
 |
 |
 |
 |
 |
www.garmin.com 
|
1/24/08 - Out of the Gate: Garmin Rises on Upgrade
Garmin shares have fallen about 33 percent since the start of the year, and are down about 49 percent since hitting an all-time high of $125.68 in October. The fall has come due to concerns about competition from rival TomTom NV in the U.S., and the buyout of two map data providers by competitors
Oppenheimer analyst Yair Reiner upgraded the stock to 'Outperform,' or 'Buy,' from 'Perform,' or 'Neutral,' and set a price target of $77 per share. He said that sales of Garmin's devices should keep growing in the U.S. even if the economy struggles, and TomTom will be less aggressive with its price cuts this year.
'We recognize the challenges confronting Garmin in 2008,' Reiner said. 'The personal navigation device market is maturing in Europe and facing slower growth and stiff macro headwinds in the U.S.'
Reiner cut his fiscal 2008 and 2009 profit and sales forecasts, but said Garmin the stock is inexpensive compared with those estimates.
In morning trading, shares rose $2.71, or 4.2 percent, to $67.31.
Eleven analysts reporting to Thomson Financial rate Garmin shares at the equivalent of 'Neutral,' while nine give a 'Buy' rating and one assigns a 'Sell' rating.
