Shares of Garmin Ltd. (NYSE:GRMN) are currently rated as a “Hold” by six research firms, according to data from MarketBeat. Among these analysts, there are differing opinions: two have issued sell recommendations, one has assigned a hold rating, while two others have suggested a buy. Notably, one analyst has given Garmin a strong buy recommendation. The average price target set by these analysts is $241.60 for the next year.
Recent Analyst Ratings
Several investment firms have recently revised their price targets for Garmin. Morgan Stanley increased its target from $193.00 to $195.00, maintaining an “underweight” rating as of October 30, 2023. Similarly, Barclays raised its target from $167.00 to $208.00, also giving the stock an “underweight” rating on the same day. Conversely, Tigress Financial boosted its price target from $285.00 to $305.00 and provided a “strong buy” rating in a report dated September 30.
On October 29, Longbow Research upgraded Garmin from a “neutral” rating to a “buy” rating, setting a target price of $250.00. These updates reflect the varying confidence among analysts regarding the company’s future performance.
Institutional Activity and Stock Performance
Institutional investors are actively participating in Garmin’s stock. Recent reports indicate that Quaker Wealth Management LLC expanded its stake by 200.0% during the second quarter, holding 132 shares valued at approximately $28,000. Additionally, Richardson Financial Services Inc. increased its holdings by 62.2% in the third quarter, now possessing 133 shares worth around $33,000.
In terms of stock performance, Garmin opened at $203.24 on Wednesday. The company’s shares have fluctuated within a 12-month range, reaching a low of $169.26 and a high of $261.69. Currently, Garmin holds a market capitalization of $39.09 billion with a price-to-earnings (P/E) ratio of 25.03.
Garmin’s recent earnings report revealed an earnings per share (EPS) of $1.99 for the quarter, matching the consensus estimate. The company reported $1.77 billion in revenue, slightly below the expected $1.78 billion. Notably, Garmin experienced a year-over-year revenue increase of 11.7%, maintaining an impressive net margin of 22.63%.
As Garmin prepares for fiscal year 2025, it has set a guidance range for EPS at $8.15. Analysts predict an average EPS of $7.80 for the current year, indicating a cautiously optimistic outlook for the company’s performance.
Garmin Ltd. is a global leader in designing and manufacturing a diverse range of wireless devices. Its offerings include fitness products such as running watches, cycling gear, and smartwatches, complemented by platforms like Garmin Connect for tracking fitness data. As Garmin continues to innovate in the tech space, the company remains a focal point for both investors and consumers alike.
