Garmin initiates $300M share repurchase program On February 15, its Board of Directors authorized the company to repurchase up to $300M of the company’s shares as market and business conditions warrant through December 31, 2014. The repurchases may be made from time to time on the open market at prevailing market prices or in negotiated transactions off the market. The company views the stock repurchase as an appropriate use of cash given the long-term growth prospects of the company and ongoing free cash flow generation.
Citi calls Garmin risk/reward unattractive, reiterates Sell Citigroup says that around $46, shares of Garmin are unattractive on a risk/reward basis. In a bear case scenario, Citi believes the stock is worth $32. In a bull case, the firm thinks the shares are worth $52. It reiterates a Sell rating on Garmin with a $42 price target.