Apple (AAPL) Rival Garmin Gets Boot Even Before Apple Watch Released
Citi downgraded this device maker, saying Apple Watch will be mean competition.
— -- With about two weeks left until Apple (NASDAQ: AAPL) will release its Apple Watch, the device already causing one wearables maker to get the shaft.
Popular GPS device maker Garmin, which also sells wearable fitness trackers, received a downgrade today from Citi, which recommends investors "sell" the stock.
Citi explained in its report that Cupertino, California-based Apple may be a long-term threat to the Garmin, based in Olathe, Kansas.
"The Apple Watch is a very modest threat this year as current interest in the running community appears low, but Apple’s product positioning, the likely addition of GPS and likely lower price points in future versions are significant long-term headwinds," Citi analysts wrote in a research note, Business Insider reported.
Shares of Garmin fell about 0.3 percent to $46.34 mid-day Monday.
Carly Hysell, a spokeswoman for Garmin, said in a statement to ABC News, "Garmin continues to diversify across a broad range of active lifestyle products that we believe will drive long term growth."
Garmin's fitness devices can start at around $130 and also include the Forerunner 310XT, which triathletes can buy for $249.99. The Apple Watch starts at $350 and can sell for as much as $10,000 and more for the 18-karat Apple Watch Edition models. The Apple Watch will be available starting April 24.