UPDATE: Midtown Partners & Co. Initiates Coverage on Garmin Ltd. on Full Valuation

In a report published Friday, Midtown Partners & Co. analyst Michael Rindos initiated coverage on

with a Neutral rating. In the report, Midtown Partners & Co. noted, “Garmin is a premier consumer & industrial electronics company. Although its largest line of business – personal navigation devices (think windshield mounted GPS units) is contracting due to the increasing prevalence of smartphone technology, the company still generates significant high margin sales from this category. Additionally, the company's other business lines – fitness, maritime and aviation products -- are showing meaningful top line growth with healthy margins.” Garmin Ltd. closed on Thursday at $46.75.