WR Hambrecht raised its estimates on Garmin (GRMN).
The maker of devices that use global positioning system technology sees higher than expected $132 million to $135 million in fourth quarter revenue, citing strong demand for consumer products and shipment of backordered aviation products.
Analyst Peter Friedland says Garmin put out conservative guidance going into the fourth quarter based on a lower overall consumer spending outlook. He notes Garmin is likely to beat its guidance by a wide margin. He currently has $1.18 2002 earnings per share estimate, and $1.30 for 2003, but is working through his model. He has a buy rating.