Why Garmin Stock Just Dropped 6.1%
Garmin (NYSE: GRMN) stock tumbled by 6.1% through 11:45 a.m. ET Friday after investment bank downgraded shares of the GPS guidance specialist from equalweight (i.e., hold) to underweight (i.e., sell), and cut its share price target from its previous $181 to $133.
With its shares up by 72% over the last 52 weeks, Garmin has outperformed the S 500 by a factor of nearly three. According to Barclays, that was too much outperformance, the stock is now "overly extended," and it's time to take profits.
Garmin grew its sales 14% last quarter, but profits rose only 4%, a weak result that Barclays interprets as meaning that the "underlying consumer hardware spend environment remains muted." In worse news for shareholders, it is the analyst's opinion that some Garmin sales that would have happened in 2024's second half got pulled forward into the first half, with the implication being that sales growth for the rest of the year will be lower.
Source Fool.com
Barclays plc Stock
With 0 Sell predictions and 1 Buy predictions the community sentiment towards the Barclays plc stock is not clear.
With a target price of 3 € there is a slightly positive potential of 9.65% for Barclays plc compared to the current price of 2.74 €.
