UPDATE: D.A. Davidson Reiterates Neutral Rating, Lowers PT for Garmin
In a morning research summary published earlier today, D.A. Davidson & Co. reiterated its Neutral rating for Garmin Ltd. (NASDAQ: GRMN), but lowered its price target from $55.00 to $45.00.
D.A. Davidson said it made its decisions “to reflect waning consumer confidence and greater uncertainty on consumer spending...The company continues to innovate, with a steady flow of new products, particularly in niche markets like fitness and outdoor. However, we have noticed that the company's main competitor has partnered with Nike, Inc. which is the 800-pound gorilla in sports marketing.”
Garmin Ltd. closed on Friday at $41.77.
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