UPDATE: Wedbush Raises Target on Garmin International to $48

Wedbush maintains its Neutral rating on Garmin International (NASDAQ: GRMN) and raises its price target to $48 from $39 on shift to improved growth in strong segments and tempered decline in weaker ones. Wedbush says, "We are raising our estimates and price target as we see better than expected growth in Fitness, decelerating declines in Auto/Mobile, and Lifetime Maps transitioning from a headwind to a tailwind. While we retain our NEUTRAL rating as we believe some of these expectations price into the stock, we remain positively biased and would be long into results."GRMN closed at $44.18 a share on Thursday.