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Garmin Shares Rise After Analyst Boosts Estimates

The Associated Press

NEW YORK (AP) — Shares of Garmin Ltd. edged upward Friday after an analyst raised his earnings estimates on the navigation device maker, saying that stable inventory could lead to increased seasonal sales and average selling prices.

Shares of Garmin, which is based in the Cayman Islands, rose 56 cents, or 2.6 percent, to $22.01.

In a client note, Barclays Capital analyst Amir Rozwadowski said he thinks stabilized inventory levels have "enabled Garmin's sell-in to closely mirror sell-through during the quarter."

He now expects earnings of $2.06 per share for the year, compared to an earlier estimate of $1.95 per share. He also raised his 2010 earnings estimate to $1.80 per share from $1.75 per share.

The analyst has an "equal weight" rating and $18 price target for Garmin shares.