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Fly News Breaks for June 7, 2019
GRMN
Jun 7, 2019 | 06:52 EDT
JPMorgan analyst Paul Chung upgraded Garmin to Neutral from Underweight after assuming lead coverage of the name. The analyst lowered his price target for the shares to $75 from $77. The stock is down ~12% since hitting a multi-year high in early April, which creates a more balanced risk/reward profile, Chung tells investors in a research note. Further, he believes the stock is a "relatively safer play" given Garmin's diversified product lineup against a backdrop of increasing market volatility and declining yields.
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