Investors have received a consensus recommendation of “Hold” for shares of Garmin Ltd. (NYSE:GRMN), according to a report by MarketBeat. This assessment comes from six analysts currently covering the stock, with varied ratings reflecting differing perspectives on Garmin’s market position. Specifically, two analysts have issued sell ratings, while one maintains a hold position. In contrast, two analysts have rated the stock as a buy, and one has given it a strong buy recommendation.
Analyst Price Targets and Recent Updates
The average target price for Garmin over the next twelve months is set at $241.60. Recent evaluations from several brokerages indicate shifting views on the stock. For instance, Morgan Stanley raised its price objective for Garmin from $193.00 to $195.00 while maintaining an “underweight” rating in a report dated October 30, 2023. In contrast, Tigress Financial has a more optimistic outlook, increasing its price target from $285.00 to $305.00 and assigning a “strong buy” rating.
Further adjustments were noted from Weiss Ratings, which reiterated a “buy (b)” rating, and Longbow Research, which upgraded its rating from “neutral” to “buy” with a price objective of $250.00. Additionally, Barclays revised its price target from $167.00 to $208.00, while still issuing an “underweight” rating.
Stock Performance and Financial Results
On October 29, 2023, Garmin reported earnings that met analysts’ expectations, with earnings per share (EPS) of $1.99. The company’s revenue for the quarter reached $1.77 billion, slightly under the consensus estimate of $1.78 billion. Despite this, Garmin displayed a robust performance with a year-over-year revenue increase of 11.7%.
Currently, Garmin’s stock is trading at $197.32 with a market capitalization of $37.95 billion. The company has a price-to-earnings (P/E) ratio of 24.30, a price/earnings to growth (PEG) ratio of 2.23, and a beta of 1.01. The stock’s 50-day moving average is $224.55, while the 200-day moving average stands at $222.28. Over the past year, Garmin has seen a low of $169.26 and a high of $261.69.
Looking ahead, Garmin has set its full-year 2025 guidance at an EPS of $8.150, with analysts forecasting an average EPS of $7.8 for the current year.
Garmin Ltd. specializes in designing, developing, manufacturing, marketing, and distributing a range of wireless devices globally. Its fitness segment includes products such as running and multi-sport watches, cycling devices, and various fitness accessories. The company also offers platforms like Garmin Connect and Garmin Connect Mobile, enabling users to track their fitness and wellness activities.
As Garmin continues to navigate the market, the mixed analyst ratings and shifting price targets highlight the varying expectations for the company’s future performance.
