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Garmin (GRMN) Stock Slides, Downgraded to 'Sell' at Goldman

NEW YORK (TheStreet) -- Shares of Garmin (GRMN) were dropping in pre-market trading on Wednesday as the stock's rating was reduced to "sell" from "hold" at Goldman Sachs.

The firm has a $46 price target on shares of the Swiss navigation and wireless device company.

Goldman expects Garmin to underperform as its key fitness and outdoor segment decelerates from 29% growth in the 2016 second quarter to 7% growth in the 2017 second quarter.

The firm also noted several negative catalysts for the stock over the next months, including increased competitor...