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Stock Market & Financial Investment News

News Breaks
March 26, 2014
10:38 EDTGRMNGarmin advances after Citigroup upgrades rating on shares
Shares of Garmin (GRMN) are climbing after Citigroup upgraded its rating on the stock, citing what it sees as the positive outlook for the company's new fitness activity monitor, vivofit. WHAT'S NEW: Garminís new product for fitness enthusiasts, vivofit, is likely to become a hit, Citigroup analyst Jeremy David wrote. The product, which is worn on the wrist, tracks the number of steps, distance traveled, and calories burned of its users, according to the company. vivofit has a reasonable price, and it is the only wrist-based activity monitor whose battery lasts one year or more, David reported. Garmin can be number one or number two in the activity monitor market over the next six months, the analyst predicted. A competing product, the Force activity monitor, had to be recalled as a number of users complained that it caused their wrists to become irritated, the analyst noted. Garmin's vivofit is likely to fill the vacuum created by Force's problems, the analyst predicted. David increased his 2014 revenue estimate for the company by $98M to $2.73B. Analysts' consensus estimate is $2.64B. He raised his 2014 earnings per share estimate for the company to $2.77 from $2.54. Analysts' consensus estimate is $2.61. PRICE ACTION: In mid-morning trading, Garmin rose $1.60, or 3%, to $56.
News For GRMN From The Last 14 Days
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April 10, 2015
08:23 EDTGRMNGarmin 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.
April 6, 2015
09:22 EDTGRMNGarmin trades lower after downgrade
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06:20 EDTGRMNGarmin 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.

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