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Garmin (GRMN) ended the recent trading session at $169.87, demonstrating a -1% swing from the preceding day's closing price. The stock's performance was behind the S&P 500's daily loss of 0.29%. At the same time, the Dow lost 0.25%, and the tech-heavy Nasdaq lost 0.31%.
Heading into today, shares of the maker of personal navigation devices had lost 2.78% over the past month, lagging the Computer and Technology sector's loss of 1.17% and the S&P 500's gain of 1.57% in that time.
Investors will be eagerly watching for the performance of Garmin in its upcoming earnings disclosure. On that day, Garmin is projected to report earnings of $1.45 per share, which would represent year-over-year growth of 2.84%. Meanwhile, our latest consensus estimate is calling for revenue of $1.43 billion, up 12.14% from the prior-year quarter.
For the full year, the Zacks Consensus Estimates project earnings of $6.05 per share and a revenue of $5.97 billion, demonstrating changes of +8.23% and +14.11%, respectively, from the preceding year.
Investors might also notice recent changes to analyst estimates for Garmin. Such recent modifications usually signify the changing landscape of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. Garmin currently has a Zacks Rank of #3 (Hold).
In terms of valuation, Garmin is presently being traded at a Forward P/E ratio of 28.36. Its industry sports an average Forward P/E of 17.98, so one might conclude that Garmin is trading at a premium comparatively.
Meanwhile, GRMN's PEG ratio is currently 2.97. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. As of the close of trade yesterday, the Electronics - Miscellaneous Products industry held an average PEG ratio of 2.14.
The Electronics - Miscellaneous Products industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 91, placing it within the top 36% of over 250 industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Zacks Investment Research
Garmin GRMN shares are up 34.4% year to date (YTD), outperforming the broader Zacks Computer and Technology sector’s return of 19.9% and the Zacks Electronics-Miscellaneous Products industry’s appreciation of 12.3%.
This outperformance can be attributed to its strong top-line growth backed by robust portfolio presence across multiple business segments, including Outdoor, Fitness, Aviation and Marine.
Garmin’s growing efforts toward product innovation, diversification and market expansion are boosting the performance of its segments, especially Fitness, Marine and Auto OEM.
Strong Fitness Growth Aids GRMN’s Top Line
In the first half of 2024, revenues increased 17% year over year to $2.89 billion. GRMN sold 8,545 units in the first half of 2024 compared with 7,372 in the first half of 2023.
The top line benefited from strong Fitness (27% of revenues) revenue growth (33% over the year-ago period), driven by solid demand for advanced wearables.
Auto OEM revenues (9% of revenues) surged (48% over the year-ago period) due to growth in domain controllers. Marine revenues (21% of revenues) increased (21% over the year-ago period) due to a strong contribution from its JL Audio acquisition.
Garmin Ltd. Price and Consensus
Garmin Ltd. price-consensus-chart | Garmin Ltd. Quote
GRMN’s 2024 Guidance Positive
Garmin raised its 2024 revenue guidance from $5.75 billion to $5.95 billion. Pro-forma earnings guidance increased from $5.40 per share to $6 per share.
Fitness revenues are now expected to grow 20% year over year. It also raised the Marine segment’s revenue growth rate to 15% for the year. However, Garmin maintained its 7% Outdoor revenue growth estimate as well as Auto OEM’s 50% growth rate for 2024.
The Zacks Consensus Estimate for 2024 revenues is pegged at $5.97 billion, indicating growth of 14.11% year over year.
The consensus mark for 2024 earnings is pegged at $6.05 per share, unchanged over the past 30 days, suggesting growth of 8.23% year over year.
Expanding Portfolio Aids GRMN’s Prospects
Garmin’s expanding Venu, Lily and Vivoactive smartwatch series, featuring new health and wellness capabilities, such as body battery energy monitoring, enhanced sleep tracking, stress and respiration analysis and heart rate monitoring, is a plus for its Fitness segment.
Its strong Fitness portfolio with new wearable launches helps in improving Garmin’s competitive position against the likes of Apple AAPL, Fitbit parent Alphabet GOOGL, Samsung and Huawei, among others. Year to date, Garmin shares have outperformed Apple and GOOGL, shares of which have returned 15.6% and 12.7%, respectively.
The launch of the Edge 1050 premium cycling computer with a vibrant color touchscreen display and built-in speaker for audible feedback, the Forerunner 165 Series, an affordable GPS-running smartwatch that offers customized training plans and health metrics on a vibrant AMOLED display and Garmin Pay mobile payments in the Fitness segment is a major positive.
The recent introduction of the Approach Z30 smart laser rangefinder, which has a range relay feature and sends distance measurements to a suitable Garmin smartwatch or the Garmin Golf smartphone app might gain traction in the Outdoor segment.
Garmin’s launch of the GC 245 and GC 255 cameras, specifically designed to enhance proximity awareness and confidence while docking, might anticipate a further rise in the Marine segment. However, weakness in the Aviation segment is noteworthy.
Strong Liquidity Aids GRMN’s Prospects
Garmin’s strong liquidity is noteworthy. As of June 29, 2024, it had approximately $3.4 billion of cash, cash equivalents and marketable securities.
In the first half of 2024, cash flow increased 25% over the same year-ago period to $690.6 million.
In the second quarter of 2024, GRMN paid a dividend of approximately $144 million and purchased $10 million of its stock.
Garmin now expects 2024 free cash flow to be approximately $900 million.
Zacks Rank & Valuation
Garmin’s Value Score of D suggests a stretched valuation at this moment. Although its strong portfolio is noteworthy, the modest growth prospect doesn’t justify the premium valuation.
Garmin stock is trading at a premium with a forward 12-month Price/Sales of 5.27X compared with the industry’s 1.51X.
GRMN carries a Zacks Rank #3 (Hold) at present, implying investors should wait for a better entry point into the stock.
A Top-Ranked Stock to Buy
AudioEye AEYE is a top-ranked stock in the broader sector, which is currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
AEYE shares have returned a whopping 315.1% YTD. The long-term earnings growth rate for AudioEye is currently pegged at 25%.
Zacks Investment Research
Ambarella AMBA shares have plunged 13% year to date (YTD) against the Zacks Computer and Technology Sector and S&P 500 index’s return of 19.9% and 18%, respectively.
Ambarella stock has also underperformed the Zacks Electronics - Semiconductors industry’s growth of 23.6% in the same time frame.
Here’s Why AMBA Shares Are Tumbling
Ambarella is grappling with several headwinds, including the slowdown of electric vehicle (EV) market growth. Per a Forbes report, the EV market is expected to grow 16% in 2024 compared with 64% in 2023. Ambarella supplies several of its products for the EV category and Advanced Driver Assistance System, which include central domain controllers, cabin monitoring system, driver monitoring system, electronic mirrors and automotive video recorders. The slump in the EV automotive category has been a major concern for AMBA.
Ambarella is also facing demand curb among its customers. Ambarella’s system on chips (SoC) is used in Internet of Things (IoT) devices alongside automobiles. These customers are going through inventory accumulation that needs time to clean up. This has created a weakened demand for Ambarella’s products.
Ambarella has long been facing a slowdown in sales of its high-margin action cameras after its loss of business from GoPro and persistent softness in the drone market. This is hurting its top line growth. All these factors have contributed to investors’ weariness, causing the stock to underperform the broader tech sector.
Ambarella YTD Performance
AI and VR Can be AMBA’s Savior
AMBA is making steady progress in the development and delivery of computer video solutions based on artificial intelligence (AI) SoCs, branded as CVFlow. The company’s CVFlow architecture-based AI inference processors, including CV3, CV2, CV5, CV25 and CV22 SoCs, are attracting positive consumer feedback. Contribution to total revenues from these SoCs increased to 60% in fiscal 2024, and AMBA expects the CV family to be the key driver of its revenue growth in fiscal 2025.
In a bid to decrease its reliance on GoPro, Ambarella has forayed beyond it and has also contributed to products like dash cams by Garmin GRMN. AMBA has also entered into the Virtual Reality (VR) camera space expanding its product portfolio in the high-end VR camera space.
Competitive Challenges for AMBA
While Ambarella is getting a lift from the use of its SoCs inside Garmin’s Dashcam 46, 56, 66 and Dashcam Mini, AMBA faces stiff competition from NVIDIA NVDA in the AI and IoT marketplace and Qualcomm QCOM in the Automotive market.
AMBA’s CV2 is in direct competition with NVIDIA’s Xavier chips. Its automotive chips also compete with Qualcomm’s Snapdragon 602 Automotive Platform.
Here’s What Investors Should Do
Ambarella is facing a mixed bag of challenges from the slowdown of the automotive space, stiff competition and inventory accumulation of its customers. However, demand for its CVFlow chips from the AI market still gives it some hope. The Zacks Value score of F suggests that AMBA is overvalued at present. We suggest investors to wait for a better entry time. AMBA currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Investment Research
Garmin Ltd. , headquartered in Schaffhausen, Switzerland, is a global leader in GPS technology and wearable devices, offering a wide range of products and services for aviation, automotive, marine, fitness, and outdoor markets. With a market cap of $33.16 billion, Garmin plays a pivotal role in delivering innovative and reliable navigation, communication, and fitness solutions to customers worldwide, enhancing safety, performance, and convenience across various industries.
Companies valued at $10 billion or more are classified as "large-cap" stocks, and Garmin exemplifies this status, highlighting its substantial scale, stability, and influence in the GPS technology and wearable devices market. As a global leader in navigation and fitness solutions, Garmin’s large-cap standing reflects its diverse portfolio of innovative products across aviation, automotive, marine, and outdoor sectors, supporting enhanced performance and safety for consumers and industries worldwide.
GRMN shares are trading 6.4% below their 52-week high of $184.42, which they hit on Sep. 9. The stock has gained 8.2% over the past three months, outperforming the broader S&P 500 Index ($SPX), which has gained 3.7% over the same time frame.
In the longer term, GRMN is up 34.3% on a YTD basis, and the shares have gained 62.7% over the past 52 weeks. In comparison, the SPX has gained 18.1% in 2024 and rallied 26.6% over the past year.
To confirm its bullish trend, GRMN has been trading above its 50-day moving average since early August and the 200-day moving average since late October last year.
On Jul. 31, GRMN shares closed down more than 4% after reporting its Q2 earnings results. Its revenue stood at $1.5 billion, up 14.1% year over year. Its adjusted EPS of $1.58 surpassed Wall Street estimates of $1.41. The company adjusted its full-year guidance and expects revenue to be $6 billion. On Sep. 13, Garmin's stock dropped 6.1% after Barclays downgraded it to "sell" and reduced its price target from $181 to $133.
Highlighting the contrast in performance, GRMN's competitor, Motorola Solutions, Inc. , has outperformed both the stock and the broader index. MSI has gained 41.6% on a YTD basis.
Despite the stock's strong recent price performance, analysts are cautious about GRMN's prospects. The stock has a consensus rating of "Hold" from six analysts in coverage. The mean price target is $173.20, which suggests a marginal premium to its current levels.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our analyst ratings page.
Read More:
Latest Ratings for ORCL
Date | Firm | Action | From | To |
---|---|---|---|---|
Mar 2022 | B of A Securities | Maintains | Neutral | |
Mar 2022 | BMO Capital | Maintains | Market Perform | |
Mar 2022 | Piper Sandler | Downgrades | Neutral | Underweight |
View More Analyst Ratings for ORCL
View the Latest Analyst Ratings
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