Garmin price target raised to $220 from $185 at BofA

BofA analyst Ronald Epstein raised the firm’s price target on Garmin (GRMN) to $220 from $185 and keeps an Underperform rating on the shares. The firm increased its adjusted EPS estimates reflecting Garmin’s outperformance, expectations of multiple new product launches, and its less economically sensitive customer base, but reiterates an Underperform rating as its sees limited upside potential given that the stock is trading “well above peers.”