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Morgan Stanley is yet again out positive on Garmin (NASDAQ:GRMN), saying they believe that Garmin can rally from oversold levels, potentially reaching $80-85 near term. NAVTEQ results should be positive for Garmin as NVT saw revenue upside driven by PND volumes (NVT provides almost all of Garmin’s maps).

Garmin has traded down almost 9% since SiRF reported worse than expected results and is down 35% YTD.

Firm says they believe that NVT provides a better read on Garmin’s 4Q07 results than SiRF as SiRF is facing several company specific issues regarding weakness at other customers and in its newly acquired Centrality business.

Notablecalls: This is now the second time Morgan Stanley has called for a rally in GRMN. The stock is currently trading around $63 and I suspect we will get the bounce the firm is talking about in the near term. The PND space has too many bears eyeballing it and that's always a good sign.

Note that MSCO has been a bear on GRMN for quite a while and only recently turned positive.

Source: Garmin: Morgan Stanley Again Calls for Rally