Garmin (GRMN -2.1%) is lower thanks to a downgrade to Sell from Goldman's Simona Jankowski,...

|About: Garmin Ltd. (GRMN)|By:, SA News Editor

Garmin (GRMN -2.1%) is lower thanks to a downgrade to Sell from Goldman's Simona Jankowski, who's worried about the ongoing cannibalization of PNDs by smartphones, and growing competition in the fitness GPS market. Jankowski's Q4 and Q1 EPS forecasts are respective 3% and 10% below consensus. Apple's inclusion of turn-by-turn navigation in iOS 6 (enabled by Tom-Tom) could accelerate the smartphone cannibalization trend. Garmin's auto/mobile PND sales were flat Y/Y in Q3.