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Garmin Ltd. (GRMN)
Garmin Ltd. (GRMN) - Garmin is an OEM [original equipment manufacturer] of GPS-based equipment. September quarter results were in-line with the consensus on both the top and bottom lines. All segments were up double-digits in 2007, and are expected to be up again in 2008.
We note that pricing pressures continue to intensify, negating some of the growth in units. Management is optimistic about material prices offsetting ASP pressures in 2008. We see declining profitability for the company.
However, the shares appear cheap, given the current valuation. Consequently, we are reiterating our Buy rating on GRMN shares.
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| Market Summary | Nov 26, 2009 06:00 am ET |
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