Electronics stocks like Carrier Global (CARR), Garmin (GRMN) and Trimble (TRMB) are expected to benefit from investments in infrastructure and expanded capacity despite macroeconomic headwinds.
Garmin (GRMN) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank #2 (Buy).
In the most recent trading session, Garmin (GRMN) closed at $165.89, indicating a +0.11% shift from the previous trading day.
Garmin (GRMN) has an impressive earnings surprise history and currently possesses the right combination of the two key ingredients for a likely beat in its next quarterly report.
GRMN's expanding portfolio makes the stock worth investing. However, stretched valuation keeps investors on the sidelines.
Hawkins is a specialty chemical company with an 86-year growth track record and has paid out dividends for 39 consecutive years. Garmin is a technology products company with product lines that cover the marine, aviation, and automotive industries.
Garmin (GRMN) closed the most recent trading day at $173.15, moving -1.51% from the previous trading session.
Garmin has performed well, up 62% in the past year, but faces margin pressure due to higher interest rates and a cost-conscious consumer. Despite headwinds, Garmin's revenue grew double-digits, and EPS increased, showcasing resilience and strong fundamentals, with a solid dividend and debt-free balance sheet. Management anticipates slightly lower gross margins and EPS in 2024, but expects double-digit revenue growth, supported by new product launches and strategic acquisitions.
GRMN is benefiting from growing momentum in the Fitness and Marine segments, fueled by rising demand for innovative and cutting-edge technology.
Garmin (GRMN) closed at $169.87 in the latest trading session, marking a -1% move from the prior day.
GRMN's strong momentum in the Fitness division is driving top-line growth. However, stretched valuation keeps investors on the sidelines.
Barclays downgraded Garmin stock to sell Friday morning. The investment bank cut its 12-month price target on the stock to $133, about 27% below Thursday's closing price of $182.01 Barclays expects weak second-half sales and shrinking profit margins will be the catalysts for Garmin's share price decline.