J.P. Morgan: Encouraging 2012 Outlook for Garmin

According to a research report published today by J.P. Morgan, Garmin Ltd.

beat 4Q11 expectations and issued 2012 guidance ahead of expectations. J.P. Morgan commented in the report, “The company proposed a 13% increase to the dividend. Much of this was expected, though the magnitude of the beat and raise was impressive, in our view. We recommend clients sell into strength based on what we view as a stretched multiple, set against a 2012 outlook that calls for flattish revenues and no PF EPS growth. We rate GRMN Underweight.” Garmin is currently trading at $49.16.