Back To Back Downgrades Weighing On Garmin Ltd.

Garmin Ltd.

shares are trading low $0.35 at $46.14 in Monday's session. The issue has been under attack over the last two trading sessions by Wall Street analysts. On Thursday, Goldman Sachs downgraded the issue from Buy to Neutral and lowered its price target from $63.00 to $54.00. That instigated a drop in price from $47.07 to $46.49 with a new 52 week low at $45.92 being made. Before today's open, Citi downgraded the issue all the way from Buy to a Sell and slashed its price target from $68 to $42. That prompted another lower open and a fresh 52 week at $44.57. However, the issue quickly bottomed and is now challenging Thursday's closing price of $46.49, only reaching $46.35 so far in today's session. It should be noted the current low coincides with Garmin's February 11. 2014 low ($44.29). Also, the issue is on track for its third above average volume session of its last four.