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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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October 17, 2014
10:00 EDTGRMNOn The Fly: Analyst Initiation Summary
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08:19 EDTGRMNGarmin initiated with a Neutral at Credit Suisse
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