Bank of America upgrades Garmin to ‘Buy’

NEW YORK (AP) – A Bank of America Merrill Lynch analyst upgraded the stock of Garmin Ltd., two rungs from “Underperform” to “Buy” on Friday, saying concerns about smart phones outcompeting dedicated GPS devices like Garmin’s are overdone.

Garmin shares rose 15 cents to $36.21 in late afternoon trading.

Analyst Vivek Arya said checks with the industry suggest a revival in sales of GPS units for cars as inventories are being restocked. He raised his earnings estimates for this calendar year by 5 cents per share to $2.62 per share, and for next year by 9 cents to $2.44.