• January 10, 2008

With concerns about increased competition and consumer spending overshadowing this year's Consumer Electronics Show, Deutsche Bank says it is downgrading its rating on Garmin's stock to a "hold."

"We came away with the sense that TomTom is determined to gain further share in the U.S. and may prove more aggressive than previously expected to achieve those aims," the report says. "Garmin also cautioned that some European markets are slowing, the first such caution they have expressed. Asia is showing signs of promise but is not likely to become material until 2009 at the earliest."

--Sarah Mahoney