Shares of Garmin Ltd. (NYSE:GRMN) received an average consensus recommendation of “Hold” from analysts, as reported by Marketbeat. This evaluation comes from a group of six analysts currently covering the stock, with a mix of ratings that reflects varying outlooks on the company’s performance.
Among the analysts, two issued a sell rating, one assigned a hold rating, while two others rated the stock as a buy, and one provided a strong buy designation. The average target price for Garmin shares over the next twelve months stands at $241.60, according to the latest reports.
Analyst Ratings and Price Targets
Recent activity from various brokerages highlights the mixed sentiments surrounding Garmin’s stock. On October 30, 2023, Morgan Stanley increased its price objective for Garmin shares from $193.00 to $195.00, maintaining an “underweight” rating. In contrast, Weiss Ratings reaffirmed a “buy (b)” rating on October 8, 2023.
On September 30, 2023, Tigress Financial raised its price target from $285.00 to $305.00 and designated the stock as a “strong buy.” Additionally, Longbow Research upgraded Garmin from a “neutral” rating to a “buy” rating with a price target set at $250.00. Lastly, Barclays adjusted its price objective upward from $167.00 to $208.00, also issuing an “underweight” recommendation.
Current Market Performance and Financial Results
As of Wednesday, Garmin shares traded up by 0.2%, opening at $197.32. The company boasts a market capitalization of $37.95 billion, with a price-to-earnings (P/E) ratio of 24.30 and a beta of 1.01. Garmin has recorded a 12-month low of $169.26 and a high of $261.69.
Garmin’s most recent earnings report, released on October 29, 2023, showed the company meeting analysts’ expectations with earnings of $1.99 per share. The company’s revenue for the quarter reached $1.77 billion, slightly below the consensus estimate of $1.78 billion. Garmin achieved a return on equity of 19.42% and a net margin of 22.63%, with quarterly revenue up by 11.7% compared to the same quarter in the previous year.
Looking ahead, Garmin has set its guidance for fiscal year 2025 at 8.150 earnings per share (EPS), while analysts anticipate an average of 7.80 EPS for the current year.
Garmin Ltd. continues to design, develop, manufacture, market, and distribute a wide range of wireless devices globally. Its Fitness segment includes running and multi-sport watches, cycling products, smartwatches, scales, and fitness accessories. The company also offers platforms such as Garmin Connect and Garmin Connect Mobile, enabling users to track and analyze their fitness activities and wellness data.
As Garmin navigates its market position amid evolving industry dynamics, investors are keenly watching analyst recommendations and price movements.
