Garmin "market outperform," target price raised

11/01/07 - JMP Securities

NEW YORK, November 1 (newratings.com) - Analyst Ingrid Ebeling of JMP Securities reiterates his "market outperform" rating on Garmin Ltd (GRMN), while raising his estimates for the company. The target price has been raised from $100 to $140.

In a research note published this morning, the analyst mentions that the company has posted robust 3Q07 results, with revenues and EPS ahead of the estimates and the consensus. Growth continues to outperform expectations, particularly in the PND segment, the analyst says. Garmin has made an unsolicited offer to acquire Tele Atlas for $3.3 billion. The EPS estimates for FY07 and FY09 have been raised from $3.36 to $3.53 and from $3.76 to $4.34, respectively.