UPDATE: Morgan Stanley Reiterates On Garmin Ltd. On Diminished Upside Potential

In a report published Friday, Morgan Stanley analyst James E. Faucette reiterated an Underweight rating on Garmin Ltd. (NASDAQ: GRMN), but lowered the price target from $53.00 to $45.00.

In the report, Morgan Stanley noted, “The revenue and earnings growth of the Fitness segment is likely to slow further as new competitors enter the market. We expect that the company's other segments will largely sustain their current trajectories. We also believe that the market does not necessarily have a full grasp on share buyback limits.”

Garmin Ltd. closed on Thursday at $49.88.