With the main equity market closing higher, Garmin (GRMN) closed very well, +3.6% @ $34.94. Near term trend looks set for further upside, but there is strong resistance in the $36/37 zone. The 200 day MA in the mid 37s will only add to preventing significant upside.
Garmin is an interesting company. It remains highly profitable, with good net margins of around 20%, and current forward PE is 15 - broadly inline with the main market.
key stats @ yahoo! finance
From a price perspective, the chart is VERY weak on a mid-term perspective, and I don't expect GRMN to be trading much about 36/37 this summer - even if the sp' is trading in the 1700s this July/August.
Considering the profit margins, its under-valued, but Mr Market looks set to break it below $32.50 this Aug/Sept.
Best guess..Sept' floor @ $30.