UPDATE: Wedbush Maintains Neutral Rating, Raises PT for Garmin

In a report published earlier today, Wedbush Securities maintained its Neutral rating for Garmin International, Inc.

and raised its price target from $52.00 to $55.00. Wedbush said it made its decision “as we believe some upside EPS expectations are priced into the stock, we remain positively biased following Q1 results, which saw growth across all segments led by strong growth in Fitness at 26% and surprising growth in Auto/Mobile due to PND share gains. Deferred revenue impact tied to Lifetime Maps was in-line with our preview for a neutral impact after being a ($0.09) drag in Q1 2011. While 2012 guidance was maintained, our analysis of deferred revenue recognition indicated upside to EPS guidance and consensus expectations.” Garmin International, Inc. closed on Friday at $49.46.