UPDATE: Deutsche Bank Raises PT to $1845on Garmin

Deutsche Bank reiterates its Hold rating on Garmin (NASDAQ: GRMN) but raises its price targe $12 to $45 on quarterly results that exceeded estimates.

Deutsche Bank says, "Garmin reported Q4 revenues of $910m, above our estimate of $847m and consensus of $761m. Pro-forma EPS of $0.96 came in above our estimate of $0.73 and consensus of $0.64. The company said that sales were strong across all segments, helped by an improved pricing environment for PNDs and growth in mobile apps and auto OEM deals. Despite this, we think the recent run in the stock has priced in most of the good news."

GRMN closed at $48.46 a share on Wednesday.