Zacks Investment Research upgraded shares of Garmin Ltd (GRMN) from NEUTRAL to OUTPERFORM on October 29, 2013, with a target price of $57.00.
Garmin is an OEM of GPS-based equipment. June quarter earnings exceeded the Zacks Consensus Estimate. The results indicate that Garmin is successfully diversifying its business away from the shrinking PND market although near term pressures may be expected to continue because PNDs still make up a significant portion of its revenues. At the same time, Garmin's market share, brand equity, compelling new products across segments, strategic alliances and financial position remain positives. We believe that Garmin has the position and financial muscle to overcome the fierce competition, pricing pressure and PND cannibalization by smartphones. We are therefore upgrading the shares to Outperform.
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