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Garmin (GRMN) Stock Closed Lower on Ratings Downgrade

NEW YORK (TheStreet) -- Shares of Garmin (GRMN) declined in Monday's trading session following a downgrade to "market perform" from "outperform" at Raymond James earlier today.

The stock's risk/reward balance is "more muted" after shares climbed 47% so far this year and 19% since the company's "strong" 2016 second-quarter results, the firm wrote in a note cited by Barron's.

The stock's valuation has climbed to about "16x ex-cash P/E" from about "9x ex-cash P/E," indicating that shares are near "levels that have generally coincided with more muted...