Wedbush Cuts PT on Garmin from $60 to $55 (GRMN)

Wedbush Morgan lowers its price target on Garmin (Nasdaq: GRMN) from $60 to $55 and reiterates its Buy rating.

The firm said it was surprised with Garmin's strong margin levels during Q1, and believes this slightly offset revenues and EPS that were slightly lower-than-expected. Additionally, Wedbush notes Garmin management's confidence in being able to achieve its original FY08 guidance.

Wedbush calls Garmin a "good value play" due to a "very attractive valuation and continued growth in revenue and profits."

Notably, Wedbush's new price target on Garmin still represents about a 31% return from today's price of around $42.

Garmin, Ltd. and its subsidiaries design, develop, manufacture, and market global positioning system (GPS)-enabled products and other related navigation, communications, and information products worldwide. [BCS]

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