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Fly News Breaks for August 24, 2016
GRMN
Aug 24, 2016 | 05:39 EDT
Goldman analyst Simona Jankowski downgraded Garmin to Sell citing valuation and near peak multiple. The analyst expects the key Fitness/Outdoor segment growth to slow in Q2 to 7% in 2017 from 29% in Q2 2016 resulting in share underperformance. Jankowski sees several negative catalysts over the next few months that include increased competitor product launches, increased competition from new emerging consumer electronics categories, and difficult comps.
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