Garmin (GRMN - Free Report) is making every effort to strengthen portfolio and expand across customers, which in turn has been driving revenues.
The recent introduction of Garmin Catalyst is a testament to the same.
Notably, Garmin Catalyst is a real-time coaching tool and driving performance optimizer that mounts inside the cockpit of a track car.
It helps in optimizing track performance by offering on-track coaching and off-track data insights via gathered performance data.
Garmin Catalyst to Gain Traction
We believe the useful benefits of Garmin Catalyst are expected to aid its momentum among drivers.
The latest tool prevents drivers from spending time on analysing data by offering instant-gratification with automatic and immediate on-device data analysis that displays areas of gain.
Additionally, drivers will benefit from the valuable metrics such as number of laps, best lap time, session time and delta time offered by the tool.
Further, the in-built True Optimal Lap and True Track Positioning features in Garmin Catalyst are meant to deliver enhanced driving experience by optimizing performance.
Moreover, this particular tool can be used on road courses worldwide with the aid of the preloaded global track database in it.
The abovementioned features and benefits position Garmin well to rapidly penetrate into the promising motorsport industry.
Portfolio Strength: A Key Growth Driver
Garmin’s latest move not only expands its overall product portfolio but also itsmotorsports product offerings, which remain crucial for the growth of its auto segment. This, in turn, is likely to strengthen the company’s position in the automotive industry.
Notably, portfolio strength remains the company’s key growth driver on the back of its business diversification strategy.
Apart from the recent launch, the company has recently expanded itsoutdoor navigation offerings by introducing Montana 750i, Montana 700i and Montana 700 GPS handheld series.
Further, it expanded its solar charging technology to Instinct, fenix 6 and 6S, and tactix Delta adventure watches, thus strengthening its portfolio of solar edition smartwatches.
It has also recently bolstered its women specific product portfolio by unveiling Women of Adventure fenix 6S Pro Solar watch.
We believe expanding product portfolio will continue to drive Garmin’s customer momentum and aid its competitive prowess across operating markets.
Zacks Rank & Other Stocks to Consider
Garmin currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks worth considering in the broader computer and technology sector are Teradyne, Inc. (TER - Free Report) , Lam Research Coproration (LRCX - Free Report) and KLA Corporation (KLAC - Free Report) . While Teradyne and Lam Research sport a Zacks Rank #1 (Strong Buy), KLA carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Long-term earnings growth rate for Teradyne, Lam Research and KLA are pegged at 16.74%, 15.42% and 10.27%, respectively.
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