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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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July 29, 2014
15:53 EDTGRMNNotable companies reporting before tomorrow's open
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14:01 EDTGRMNGarmin technical notes ahead of results
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13:59 EDTGRMNGarmin August volatility increases into Q2
Garmin August call option implied volatility is at 41, October is at 27, January is at 24; compared to its 26-week average of 27, according to Track Data, suggesting large near term price movement into the expected release of Q2 results on July 30.
08:00 EDTGRMNGarmin should be bought on any weakness after results, says Oppenheimer
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