Garmin Up As Tigress Points To Potential 85% Upside

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Garmin Up As Tigress Points To Potential 85% Upside
Credit: © Reuters.

By Sam Boughedda

Investing.com --Garmin Ltd (NYSE: GRMN ) rose 1% on Friday after Tigress Financial reiterated a strong buy rating and $205 price target.

Tigress analyst Ivan Feinseth said the company, which reported a fourth quarter earnings and revenue beat earlier this month, has a "strong balance sheet and cash flow continue to drive ongoing investment in new product development."

He added that the company's strong brand equity and innovative capability will continue to drive a market-leading return on capital that will continue to drive gains in economic profit and long-term shareholder value creation."

The analyst also pointed to the company's proposed 9% quarterly dividend increase as a reason to be bullish, with Garmin continuing its history of annual dividend increases.

"We believe significant upside in the shares exists, and the recent pullback is a major buying opportunity. Our 12-month target price of $205 represents a potential return of over 85% from current levels," Feinseth concluded.

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