Garmin may be appealing to value seekers, says Pacific Crest Pacific Crest says its checks found no signs of a pause in demand for Garmin's (GRMN) products leading up to the release of Apple's (AAPL) Apple Watch. The firm suspects that Garmin may be less hurt by the Apple Watch than many believe, and it thinks downside risk from the launch of the Apple Watch has subsided. The firm believes that value seekers could see an opportunity in Garmin, but it keeps a Sector Perform rating on Garmin.
Garmin downgraded to Sell from Buy at Citigroup Citigroup analyst Jeremy David downgraded Garmin two notches to Sell from Buy saying competitive pressures are likely to stall the growth of the company's GPS fitness watch business. He also thinks revenue trends in Garmin's Outdoor segment could disappoint as the year progresses. David expects Garmin to miss consensus earnings and revenue expectations in Q1 and views the Apple (AAPL) Watch launch as another potential negative catalyst for shares. He cut his price target for the stock to $42 from $68. Shares of the navigation and information device maker closed Thursday down 58c to $46.49 after Goldman Sachs downgraded the stock Neutral from Buy.