JP Morgan Upgrades Garmin Ltd. to Neutral with Price Target $47.00

Brokerage firm JP Morgan Upgrades its rating on Garmin Ltd.(NASDAQ:GRMN). In a research note issued to the investors, the brokerage major Raises the price-target to $47.00 per share. The shares have been rated Neutral. Previously, the analysts had a Underweight rating on the shares. The rating by JP Morgan was issued on Jul 28, 2016.

Garmin Ltd. (GRMN) shares turned negative on Thursdays trading session with the shares closing down -0.92 points or -1.66% at a volume of 20,00,750. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $55.05. The peak price level was also seen at $55.05 while the days lowest was $53.75. Finally the shares closed at $54.54. The 52-week high of the shares is $56.19 while the 52-week low is $30.93. According to the latest information available, the market cap of the company is $10,301 M.

Garmin Ltd.(GRMN) last announced its earnings results on Jul 27, 2016 for Fiscal Year 2016 and Q2.Company reported revenue of $811.61M. Analysts had an estimated revenue of $761.64M. Earnings per share were $0.87. Analysts had estimated an EPS of $0.67.

Several Insider Transactions has been reported to the SEC. On May 12, 2016, Pao-chang Huang (General Manager – Garmin Corp.) sold 7,200 shares at $40.68 per share price.Also, On Dec 16, 2015, Clifton A Pemble (President and CEO) sold 2,026 shares at $34.87 per share price.On Dec 8, 2015, Philip Straub (VP, Man. Director – Aviation) sold 1,914 shares at $37.92 per share price, according to the Form-4 filing with the securities and exchange commission.

Garmin Ltd. (Garmin) is a provider of navigation communications and information devices which are enabled by Global Positioning System (GPS) technology. The Company operates through five business segments: marine outdoor fitness automotive/mobile and aviation markets. It designs develops manufactures markets and distributes a family of hand-held wearable portable and fixed-mount GPS-enabled products and other navigation communications sensor-based and information products. It offers a range of automotive navigation products as well as a range of products and applications designed for the mobile GPS market. It offers a range of products designed for use in outdoor activities. It offers a range of products designed for use in fitness and activity tracking. Garmin offers a range of products designed for use in the recreational marine industry. Garmin’s aviation product line includes GPS-enabled navigation and electronic flight instrumentation systems (EFIS) among others.

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