UPDATE: Wells Fargo Securities Downgrades Garmin on Balanced Risk/Reward

In a report published Thursday, Wells Fargo Securities analyst Andrew Spinola downgraded the rating on

from Outperform to Market Perform. In the report, Wells Fargo Securities noted, “Garmin reported solid Q4 results and provided a strong outlook for growth in 2014. The company guided to better revenue growth than we expected in '14, but with a slightly higher tax rate and Ad spending in our model our EPS outlook for '14 and '15 is largely unchanged. With the move in the stock following results, we now view the risk/reward as balanced and are downgrading our rating on shares of Garmin to Market Perform from Outperform. We continue to like the outlook for Garmin's business and believe the company is producing some of its most innovative products, but we think the street's outlook is now in line with our outlook and the opportunity in Garmin shares is more in line with the market.” Garmin closed on Wednesday at $51.68.