PacCrest analyst Brad Erickson downgraded the stock to “underperform,” saying the stock is overvalued. He said that GRMN stock is worth “something in the mid-$40s” despite trading at $59.72 at market open.
Garmin makes location finding devices such as GPS-based systems, navigation software for smartphones, mobile cameras and more. PacCrest noted that GoPro (GPRO) devices are currently “crushing” Garmin’s Virb action camera, a mobile camera made for the oudoors.
GRMN stock is down about 5.8% Wednesday afternoon with shares selling at about $57.o9. GPRO stock is up about 2.45%.
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