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Upgrade Alert for Garmin (GRMN)

By Shiri Gupta

Garmin (NASDAQ:GRMN) was upgraded from Underweight to Neutral at JP Morgan today. The stock closed yesterday at $53.54 on volume of 2.9 million shares, above average daily volume of 1.1 million.

Garmin share prices have moved between a 52-week high of $57.16 and a 52-week low of $30.93 and closed yesterday at 73% above that low price at $53.54 per share. The 200-day and 50-day moving averages have moved 0.05% lower and 0.26% higher over the past week, respectively.

Garmin Ltd. provides navigation, communications, and information devices, most of which are enabled by Global Positioning System (GPS) technology. The Company designs, develops, manufactures, and markets hand-held, portable, and fixed mount GPS-enabled products and other navigation, communications, and information products under the GARMIN brand name.

Garmin (NASDAQ:GRMN) is currently priced 28.3% above its average consensus analyst price target of $38.40. The stock should discover initial support at its 50-day moving average (MA) of $40.76 and subsequent support at its 200-day MA of $37.82.

SmarTrend recommended that subscribers consider buying shares of Garmin on July 12th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $44.43. Since that recommendation, shares of Garmin have risen 16.6%. We continue to monitor GRMN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades Garmin

Ticker(s): GRMN