NEW YORK (TheStreet) -- Shares of Garmin (GRMN) - Get Report were dropping in pre-market trading on Wednesday as the stock's rating was reduced to "sell" from "hold" at Goldman Sachs.

The firm has a $46 price target on shares of the Swiss navigation and wireless device company.

Goldman expects Garmin to underperform as its key fitness and outdoor segment decelerates from 29% growth in the 2016 second quarter to 7% growth in the 2017 second quarter.

The firm also noted several negative catalysts for the stock over the next months, including increased competitor product launches, higher competition from new emerging consumer electronics categories and difficult comparable-store sales, the Fly reports.

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 rated this stock as a "buy" with a ratings score of B.

The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth, compelling growth in net income, revenue growth and largely solid financial position with reasonable debt levels by most measures. 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

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