Analysts Cut Rating of GPS Maker

Citing weak consumer spending and increased competition from smart phones and several "Droid" models, analysts at Bank of America/Merrill Lynch on July 2 cut the rating of GPS maker Garmin Ltd. from "buy" to "underperform," according to Forbes.com.

Analysts also lowered Garmin's price target from $43 to $26.

The increased competition comes from smart phones like the iPhone from Apple and several "Droid" models powered by Google that now include built-in GPS systems.

Tom Reese and Paul Rubillo of Dividend.com wrote on the Forbes site that they have been avoiding shares of Garmin since June 2008. "We would remain on the sidelines for now," Reese and Rubillo wrote.

Comment On This Story

Name:  
Email:  
Comment: (Max. 10000 characters)  
Please leave blank:
* Please note that every comment is moderated.

 
 

Newsletter: Sign up to receive latest news, articles, and much more.

Read the latest

Auto Focus Blog: A blog covering fleets, auto rental and the business of cars

Auto Manufacturers: Mobility Disruptors or Fleet Providers?

Maven’s Alex Keros shares insights into evolving smart mobility business models and new opportunities with fleet management.

What is Your Time Worth?

Personal observations of retail and travel transactions reveal just how much a consumer’s time is worth today, and how increasingly intolerant we are of inefficient transactions.

Safeguarding Your Business with Brokers

While the high-profile bankruptcy of Atlas Choice has left many car rental companies wary of working with brokers, rental companies can take steps to protect themselves and ensure a productive relationship.

Job Finder: Access Top Talent. Fill Key Positions.

>