Garmin faces stiff competition

[Darren]

Shares in Garmin fell 6% on Wednesday after analysts, who believe Garmin is overvalued, downgraded the stock.

Garmin faces stiff competition in the GPS market with smartphones the root of the trouble. Sales of portable GPS navigation devices have fallen drastically as more and more customers choose navigation apps instead.

Whilst Garmin have traditionally done well in the health and fitness market, they face increasing competition from other manufacturers. Apple's rumoured iWatch is likely to place additional pressure on this market and reduce Garmin's bottom line further.

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Darren Griffin

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