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Why Is Garmin Stock Falling Today?

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Garmin Ltd. (NYSE:GRMN) shares are trading lower after BofA Securities analyst Ronald J. Epstein downgraded the stock to Underperform from Neutral and cut the price target from $165 to $150.

The analyst writes that in the first quarter, Garmin demonstrated the strength of its brand and the resiliency of its customers and witnessed growth across segments. However, the analyst worries that the momentum is decelerating, implying that the current valuation is unsustainable. 

Epstein says that the company’s AutoOEM segment continues to ramp production and remains on track to hit the $800 million …

Full story available on Benzinga.com

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