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Garmin (GRMN) Lifts Marine Portfolio With New Fishing Bundle
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Garmin (GRMN - Free Report) introduced a chartplotter and transducer bundle named LiveScope Plus Ice Fishing Bundle LI for hard-water fishing.
The fishing bundle features a live-scanning sonar technology to help anglers identify and separate targets. Its improved battery life further helps them fish below the ice for longer hours.
The LiveScope Plus Ice Fishing Bundle LI is equipped with the ECHOMAP UHD 93sv touchscreen, which helps anglers with flasher, map, sonar and other important data to track schools of fish under the ice.
With the recent launch of this fishing bundle, Garmin aims to provide an enhanced fishing experience to anglers.
This, in turn, is expected to boost the adoption rate of the LiveScope Plus Ice Fishing Bundle LI among anglers.
Garmin is consistently extending its marine portfolio offerings to gain momentum among boaters, sailors, anglers and mariners. The recent launch is a step in that direction.
Last month, Garmin released the Signature Series 3i marine speakers, featuring water-resistant connectors to provide an enhanced audio experience to boaters.
In May, Garmin unveiled the ECHOMAP UHD2 chartplotter series with high-contrast scanning sonar power, mapping and fish-finding features to aid anglers in effective fishing.
GRMN launched the LiveScope Plus System in February, which offers sharper resolution, reduced noise and crystal-clear images for recreational fishing.
In January, Garmin introduced Garmin Navionics+ and Garmin Navionics Vision+ to provide an enhanced navigation experience to mariners, boaters and anglers.
We note that the growing number of marine solutions continues to strengthen Garmin’s marine segment, which became integral to it. This, in turn, is likely to contribute to top-line growth in the days ahead.
This is anticipated to help Garmin win investors’ confidence in the near term.
The marine segment generated sales worth $254.1 million, accounting for 21.7% of total first-quarter 2022 revenues. Also, revenues were up 21% from the prior-year quarter’s reading.
Shares of GRMN have been down 25.2% in the year-to-date period, outperforming the Computer and Technology sector’s decline of 29.1%.
Efforts to Boost Prospects
Garmin’s constant efforts to introduce innovative marine solutions are helping it expand its presence in the booming marine electronics market.
The underlined market is witnessing significant growth owing to the increasing usage of modern digital navigation, sonars and radars. Growing marine trade activities are also boosting this market.
Per a Future Market Insights report, the global marine electronics market is expected to hit $5.2 billion in 2029, witnessing a CAGR of 5.3% between 2022 and 2029.
Further, the said market is likely to reach $1.42 billion by 2025, seeing a CAGR of 5.04% from 2021 to 2025, according to a Technavio report.
Zacks Rank & Stocks to Consider
Currently, Garmin carries a Zacks Rank #3 (Hold). Investors interested in the broader Zacks Computer & Technology sector can consider some better-ranked stocks like Aspen Technology (AZPN - Free Report) , Analog Devices (ADI - Free Report) and Agilent Technologies (A - Free Report) . While Aspen technology sports a Zacks Rank #1 (Strong Buy), Analog Devices and Agilent Technologies carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Aspen technology has returned 18.2% in the year-to-date period. The long-term earnings growth rate for AZPN is currently projected at 18.4%.
Analog Devices has lost 15.7% in the year-to-date period. ADI’s long-term earnings growth rate is currently projected at 12.3%.
Agilent Technologies has lost 25.3% in the year-to-date period. The long-term earnings growth rate for A is currently projected at 10%.
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Garmin (GRMN) Lifts Marine Portfolio With New Fishing Bundle
Garmin (GRMN - Free Report) introduced a chartplotter and transducer bundle named LiveScope Plus Ice Fishing Bundle LI for hard-water fishing.
The fishing bundle features a live-scanning sonar technology to help anglers identify and separate targets. Its improved battery life further helps them fish below the ice for longer hours.
The LiveScope Plus Ice Fishing Bundle LI is equipped with the ECHOMAP UHD 93sv touchscreen, which helps anglers with flasher, map, sonar and other important data to track schools of fish under the ice.
With the recent launch of this fishing bundle, Garmin aims to provide an enhanced fishing experience to anglers.
This, in turn, is expected to boost the adoption rate of the LiveScope Plus Ice Fishing Bundle LI among anglers.
Garmin Ltd. Price and Consensus
Garmin Ltd. price-consensus-chart | Garmin Ltd. Quote
Expanding Marine Offerings
Garmin is consistently extending its marine portfolio offerings to gain momentum among boaters, sailors, anglers and mariners. The recent launch is a step in that direction.
Last month, Garmin released the Signature Series 3i marine speakers, featuring water-resistant connectors to provide an enhanced audio experience to boaters.
In May, Garmin unveiled the ECHOMAP UHD2 chartplotter series with high-contrast scanning sonar power, mapping and fish-finding features to aid anglers in effective fishing.
GRMN launched the LiveScope Plus System in February, which offers sharper resolution, reduced noise and crystal-clear images for recreational fishing.
In January, Garmin introduced Garmin Navionics+ and Garmin Navionics Vision+ to provide an enhanced navigation experience to mariners, boaters and anglers.
We note that the growing number of marine solutions continues to strengthen Garmin’s marine segment, which became integral to it. This, in turn, is likely to contribute to top-line growth in the days ahead.
This is anticipated to help Garmin win investors’ confidence in the near term.
The marine segment generated sales worth $254.1 million, accounting for 21.7% of total first-quarter 2022 revenues. Also, revenues were up 21% from the prior-year quarter’s reading.
Shares of GRMN have been down 25.2% in the year-to-date period, outperforming the Computer and Technology sector’s decline of 29.1%.
Efforts to Boost Prospects
Garmin’s constant efforts to introduce innovative marine solutions are helping it expand its presence in the booming marine electronics market.
The underlined market is witnessing significant growth owing to the increasing usage of modern digital navigation, sonars and radars. Growing marine trade activities are also boosting this market.
Per a Future Market Insights report, the global marine electronics market is expected to hit $5.2 billion in 2029, witnessing a CAGR of 5.3% between 2022 and 2029.
Further, the said market is likely to reach $1.42 billion by 2025, seeing a CAGR of 5.04% from 2021 to 2025, according to a Technavio report.
Zacks Rank & Stocks to Consider
Currently, Garmin carries a Zacks Rank #3 (Hold). Investors interested in the broader Zacks Computer & Technology sector can consider some better-ranked stocks like Aspen Technology (AZPN - Free Report) , Analog Devices (ADI - Free Report) and Agilent Technologies (A - Free Report) . While Aspen technology sports a Zacks Rank #1 (Strong Buy), Analog Devices and Agilent Technologies carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Aspen technology has returned 18.2% in the year-to-date period. The long-term earnings growth rate for AZPN is currently projected at 18.4%.
Analog Devices has lost 15.7% in the year-to-date period. ADI’s long-term earnings growth rate is currently projected at 12.3%.
Agilent Technologies has lost 25.3% in the year-to-date period. The long-term earnings growth rate for A is currently projected at 10%.