NEW YORK (TheStreet) -- Shares of Garmin (GRMN) - Get Report closed higher by 3.38% to $53.54 trading today as JPMorgan upgraded the Swiss company's stock rating to "neutral" from "underweight" Thursday morning.
The firm raised its price target on Garmin to $47 from $38, citing downside protection from the dividend yield and the company's better-than-expected second quarter earnings and revenue, TheFly reports. The company reported earnings before yesterday's market open.
Garmin reported adjusted earnings of 87 cents per share, exceeding analysts estimated 67 cents per share. Revenue increased 5% year-over-year to $812 million, surpassing analysts projected $763 million.
The company raised its full year forecast to $2.50 per share on revenue of approximately $2.9 billion. It previously projected earnings of $2.25 per share on revenue of $2.82 billion.
About 2.37 million of the company's shares changed hands so far today compared to its average 30-day volume of 981,377 million shares per day.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
We rate GARMIN LTD as a Buy with a ratings score of B. This is driven by a few notable strengths, 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, solid stock price performance, expanding profit margins and good cash flow from operations. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook.
You can view the full analysis from the report here: GRMN