Garmin GRMN, a global leader in wearable technology and GPS navigation, has been on a remarkable run with its share price surging 71.5% over the past year. The stock has outperformed the Electronics - Miscellaneous Products industry’s decline of 28.1% and the Zacks Computer and Technology sector’s growth of 33.5%.
Over the same time frame, Garmin also outperformed its industry peers, including Electrovaya ELVA, Greenland Technologies GTEC and Kopin KOPN. In the past year, shares of ELVA, GTEC and KOPN have plunged 37%, 36.6% and 43%, respectively.
Garmin's inventive product line, market expansion and steady financial performance have kept investors optimistic about its growth prospects. The expansion of the portfolio with the recent launch of Montana 710, Montana 710i and sturdy Montana 760i to its lineup of handheld GPS navigators, GRMN will maintain its momentum and further boost investor confidence.
All three Montana handhelds possess 5-inch color touchscreen displays that are glove-friendly, long-lasting and easy to view. These multipurpose tools are perfect for a range of outdoor pursuits, such as mountain biking, off-road riding, hiking and more. Additionally, they can be mounted on a variety of vehicles, including ATVs, boats, cars, motorcycles, RVs and more. These mounting options are available separately.
To further instill confidence in outdoor enthusiasts, the Montana 710i and Montana 760i come equipped with inReach technology. With a current inReach subscription, these devices enable dependable satellite communication to keep users connected outside of cell service. With retail prices ranging from $649.99 to $899.99, the Montana 710/710i/760i GPS handhelds have been tested to U.S. military standards (MIL-STD-810) for thermal, shock and vibration while catering to a diverse client base.
Garmin Ltd. Price and Consensus
Garmin Ltd. price-consensus-chart | Garmin Ltd. Quote
Garmin’s Diverse Portfolio to Strengthen Its Position
Garmin has a proven track record of developing innovative products, especially in the fitness and wearables sectors. One of the main reasons for the company's recent success has been its capacity to add new features and enhance current products. Garmin might be able to get past some of its growth obstacles if it can continue to be innovative as it enters 2025.
Launching new products could help Garmin gain more market share and possibly counteract slowdowns in other segments, particularly in high-growth industries like sophisticated smartwatches or specialized fitness trackers. Furthermore, in a market that is becoming more and more competitive, advancements in areas like battery life, health monitoring capabilities, or integration with other smart devices could set Garmin's products apart.
In addition to strengthening Garmin's standing in the outdoor and adventure market, the company's most recent introduction of the Instinct 3 Series puts it in a better position to take on rivals like Apple and Fitbit. Because of its affordability, innovative features and durability, the Instinct 3 is a formidable competitor in the wearables market and could propel Garmin's revenue growth in 2025.
Garmin's regular product releases have helped it become a leader in technological advancements. With enhanced sleep tracking, stress and respiration analysis, and other health and wellness features, GRMN's Venu, Lily and Vivoactive smartwatch series was a bold move.
Promising Outlook for Garmin
Garmin has a strong history of reporting strong quarterly performance with its earnings surpassing the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 28.5%. Analysts seem to be optimistic about the company’s near-term growth prospects as well.
The Zacks Consensus Estimate for Garmin’s 2025 earnings has been revised upward by 9.1% to $7.66 per share, indicating year-over-year growth of 9.3%. The consensus mark for revenues is pegged at $6.53 billion, suggesting a year-over-year increase of 6.3%.
Find the latest EPS estimates and surprises on Zacks Earnings Calendar.
Conclusion: Buy GRMN Stock for Now
Garmin can be an appealing investment choice for investors hoping to profit from the expanding wearables market because of its persistent focus on innovation and growing its market share. Given its demonstrated capacity for innovation and adaptation, GRMN is well-positioned for sustained success in the upcoming year.
GRMN currently sports a Zacks Rank #1 (Strong Buy), implying that existing investors should keep holding the stock while new buyers should accumulate the stock. You can see the complete list of today’s Zacks #1 Rank stocks here.
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Garmin Ltd. (GRMN) : Free Stock Analysis Report
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
