Market Overview

UPDATE: Goldman Sachs Upgrades Garmin Following VIRB/VIRB Elite Launch

Share:
Related GRMN
Atlantic Equities Downgrades Garmin To Neutral
Benzinga's Top Downgrades
Garmin Enters Alliance with Wings for Life World Run - Analyst Blog (Zacks)

In a report published Wednesday, Goldman Sachs analyst Simona Jankowski upgraded the rating on Garmin Ltd. (NASDAQ: GRMN) from Sell to Neutral, and raised the price target from $34.00 to $39.00.

In the report, Goldman Sachs noted, “We upgrade Garmin to Neutral from Sell following its launch of the VIRB and VIRB Elite action camera products on August 20. We view the $1bn+ action camera market as an attractive adjacency for Garmin, as it is characterized by high growth, solid margins, and fragmented competition. In addition, Garmin can leverage its strong brand in the athlete market and existing distribution channel to gain share. We raise our FY13/14/15 adjusted EPS estimates to $2.40/$2.40/$2.53 from $2.38/$2.29/$2.35 on action camera sales. Since being added to the Sell list on November 11, 2012, GRMN is up 4% vs. the S&P 500 up 20%. Over the last 12 months, GRMN is down 8% vs. the S&P up 17%.”

Garmin Ltd. closed on Tuesday at $38.45.

Latest Ratings for GRMN

DateFirmActionFromTo
Feb 2015Atlantic EquitiesDowngradesOverweightNeutral
Feb 2015CitigroupMaintainsBuy
Feb 2015Bank of AmericaUpgradesNeutralBuy

View More Analyst Ratings for GRMN
View the Latest Analyst Ratings

Posted-In: Goldman Sachs Simona JankowskiAnalyst Color Upgrades Analyst Ratings

 

Related Articles (GRMN)

Around the Web, We're Loving...

Get Benzinga's Newsletters

Our Experts vs. S&P 500Powered by Benzinga
Marketfy Products Return S&P 500
Morning Profit Maker 42.72% 6.69%
The Option Prophet 91.14% 6.69%
SecretCaps 26.55% 6.69%
Short-Term Trend Trading 11.89% 6.69%
View the highest rated products→