Barclays downgraded Garmin to Underweight from Equal Weight with a price target of $133, down from $181. The firm downgraded the shares following the 40% share price rally year-to-date “despite underlying consumer hardware spending uncertainty.” The analyst cites Garmin’s premium valuation, forward gross margin headwinds, and “risk of unwind” after the recent share price outperformance as its end markets remain cyclical for the downgrade.
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