UPDATE: D.A. Davidson & Co. Reiterates Neutral Rating, Raises PT on Garmin Ltd. Following Q2 Earnings Beat

In a report published Thursday, D.A. Davidson & Co. analyst JB Groh reiterated a Neutral rating on

, and raised the price target from $60.00 to $62.00. In the report, D.A. DAvidson & Co. noted, “Garmin reported Q2 adjusted EPS of $1.02, above our expectation of $0.72 and the Street mean of $0.76. A lower than expected tax rate was an ~$0.08 tailwind. Revenue grew 11.7% to $778 million, above our expectation of $693 million and the $710 million Street mean. Overall operating margin of 28.1% was up 370bp from last year, 750bp sequentially, and 420bp above our estimate. Free cash flow in the quarter was $143 million or ~$0.73 per share.” Garmin closed on Wednesday at $54.41.