Garmin Shares Lose $100 Level
Shares of Garmin (GRMN) - Get Garmin Ltd. (Switzerland) Report slipped below $100 for the first time in nearly a month as investors continued to fear a bidding war caused by its attempt to buy Dutch mapmaker Tele Atlas.
Garmin was recently off $9.38, or 8.7%, to $98.02.
Earlier Thursday, Merrill Lynch downgraded the stock to sell on concerns that Garmin could ultimately have to raise its offer for Tele Atlas as it battles rival
TomTom
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for control of the company.
Merrill's action offset a move Thursday by JMP Securities, which raised its price target on Garmin to $140 from $100, citing the underpenetrated personal navigation device market.
Garmin
announced Wednesday that it planned to offer $3.3 billion for Tele Atlas, 15% higher than TomTom's July offer and a 48% premium to Tele Atlas' share price before TomTom's bid.
