Morgan Stanley downgraded Garmin to Underweight from Equal Weight with a price target of $138, down from $155. With the shares trading near all-time highs and the company’s revenue and gross profit set to decelerate nine points in 2025, Garmin shares will underperform over the next 12 months, the analyst tells investors in a research note. The firm expects the company’s growth to decelerate and margins to compress in 2025, leading to a de-rating of the shares.