NEW YORK (TheStreet) -- Shares of Garmin (GRMN) - Get Report are up 0.42% to $48.20 in early morning trading Monday despite Oppenheimer's rating downgrade to 'perform' from 'outperform,' and with a previous price target of $65.

Garmin is a provider of navigation, communication and information devices and applications, which are enabled by global positioning system (GPS) technology.

"Due to slower growth, perception of wearable competitive threats and under-appreciation of Aviation/marine, we believe over the next nine to 12 months, the stock will trade below the historical average of 15x," analysts said.

However, Garmin also has nearly $2.8 billion in cash and equivalents, or about $14.41 per share, allowing the company to return capital to shareholders as well as provide opportunities for future acquisitions, potentially allowing Garmin to again pivot to new growth areas, Oppenheimer noted. 

Although analysts said they do not see the Apple Watch as a threat to Garmin in the near term, they do see it as a headwind for investor risk appetite.

In the long term, if consumers see the Apple (AAPL) - Get Report device as more function and less stylish/luxury, it could prove detrimental to Garmin's core competency, the firm explained. 

"We are having difficulty finding a segment that could provide potential material long-term growth," Oppenheimer analysts said. 

The firm lowered their 2015 earnings estimates to $3.08 from $3.20 per share and introduced a 2016 earnings estimate of $3.17 per share. 

Separately, TheStreet Ratings team rates GARMIN LTD as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:

"We rate GARMIN LTD (GRMN) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, expanding profit margins, increase in net income and growth in earnings per share. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself.

You can view the full analysis from the report here: GRMN Ratings Report

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