GRMN (GARMIN) ON WATCH LIST FOR SHORT SELL
$GRMN shares have steadily moved up since reporting better than expected numbers. Our analysis shows the reason for better numbers is inventory build up. Inventory build up appears to have continued in this quarter but should be near an end.
The other factor in the run up has been introduction of G60 Nuvifone. Today AT&T announced price of $299 after $100 mail in rebate with 2 year service agreement. In contrast Apple’s basic iPhone costs $99. We do not believe that $GRMN will ever succeed in the phone market beyond a niche player. Analysts expect $60million phone sales in 2009 and $250million in 2010.… Please click here or the title below to read more.
September 29, 2009