NEW YORK (TheStreet) -- Credit Suisse lowered its price target on Garmin Ltd. (GRMN) - Get Reportstock to $37 from $48 on Thursday. 

The Swiss company, which manufactures personal navigation devices, reported 2015 third quarter earnings of 51 cents per share on revenue of $680 million. Analysts surveyed by Zacks Investment Research projected that the company would report earnings of 55 cents per share on revenue of $679.4 million.

Foreign exchange rates and aggressive pricing continues to pressure consumers, Credit Suisse said, adding that third quarter sales were 3% lower than its previous forecast.

"Given Garmin's low-growth profile, top-line volatility and aggressive competition across the consumer segments, we think investors are looking for more meaningful capital deployment (given the significant cash balances and no debt) before stepping in," Credit Suisse said.

The firm maintained its "neutral" rating on the stock. 

Shares of Garmin closed up by 0.77% to $35.40 on Thursday.

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

We rate GARMIN LTD (GRMN) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, deteriorating net income and disappointing return on equity.

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

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