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Garmin: Citi Cuts to Sell on Expected Apple, FitBit Incursions

April 6, 2015

Tiernan Ray, reporting for Barron’s Tech Trader Daily:

Shares of mobile device and navigation company Garmin (GRMN) are down 27 cents, or 0.6%, at $46.22, at after Citigroup’s Jeremy David cut his rating on the shares to Sell from Buy, and cut his price target to $42 from $68, writing that the company’s fitness watches could lose market share to Apple‘s (AAPL) Apple Watch and others.

Question to ponder: Why doesn’t Garmin dominate today’s smartwatch market? Smartwatches are computers. Relative to them, Garmin’s devices are like yesterday’s “feature phones”. They have a limited set of capabilities, and they don’t harness the power of a strong OS or strong processors. Garmin opted not to develop proficiency in these areas, choosing instead to stick to its core: specialized GPS devices (primarily) for a range of markets. But in today’s smart device world, that choice comes with a price.

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Filed Under: Garmin, Smartwatches, Wearables - Other

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