This morning, Bank of America downgraded shares of Garmin (NYSE:GRMN) from buy to underperform as consumer spending trends have not been encouraging. Also prompting the two notch downgrade has been the increased competition coming from smartphones makers like Apple and Google, whose phones have most of the same navigation features. With the downgrade, Bank of America dropped its price target from $43 per share down to $26.
Shares of Garmin were heading lower on Friday, off about 1% so far.
And UBS lowered its earnings estimates on shares of Hartford Financial (NYSE:HIG) through 2011 as the firm sees lower equity returns. In the report, however, UBS maintains its buy rating and its $42 price target.
Shares of HIG were modestly higher this mnorning, up about 0.3% today.
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