Citigroup downgrades Garmin to ‘Sell’ citing Apple Watch impact

“Worldwide provider of navigation, communications and information devices, Garmin Ltd. was downgraded to Sell by Citigroup. In addition, the firm’s analyst, Jeremy David, lowered the price target to $42.00 from $68.00,” Zacks reports via Yahoo Finance.

“Per David, the upcoming launch of Apple’s iWatch [sic] might have an impact on the demand for Garmin’s wearable devices, especially in the core GPS fitness watch category,” Zacks reports. “David anticipates Garmin’s Fitness revenues to accelerate in the near term but decline after 2016 due to increasing competition, especially from Apple.”

“Also, Garmin expects revenues and margins to remain flat in full-year 2015,” Zacks reports. “The weak outlook along with increasing competition from Apple has triggered a downward momentum in the company’s estimates in the recent times.”

Read more in the full article here.

MacDailyNews Take: Apple Watch’s impact is going to hit far and wide. This is just the beginning.


  1. Looking at their “wearable technology” products, they mostly look like “Casio” watches from the ’90’s and Nike Fuel Band. And they seem to subscribe the “more is better” philosophy.

    1. Who needs it in a strap. A simple bluetooth GPS in the form factor of a clip-on pedometer is all you need to ditch the iPhone for a run or bike ride with your Apple Watch.

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