Garmin (GRMN - Free Report) unveiled GPSMAP 66sr and GPSMAP 65 Series handheld devices in an effort to expand its GPS devices portfolio.
Notably, GPSMAP 66sr is integrated with TopoActive maps, with routable roads and trails. Further, the device is well-equipped to offer accurate positioning on the back of multi-band technology and expanded GNSS support.
Further, it provides access to satellite imagery and monitors weather. Moreover, it offers real-time forecast on clouds and precipitation.
GPSMAP 65 Series, which includes GPSMAP 65 and 65s, also supports multi-band GNSS technology. Both devices are water-resistant to IPX7, and come with preloaded TopoActive U.S. and Canada maps.
Both GPSMAP 66sr and GPSMAP 65 Series handheld devices offer features like outdoor navigation, mapping, data sharing and trip planning.
The latest move is expected to aid Garmin’s momentum among adventurers and outdoor explorers, which, in turn, is expected to accelerate its revenue generation.
Expanding Outdoor Portfolio
The launch of GPSMAP 66sr and GPSMAP 65 Series bodes well for the company’s strengthening efforts toward bolstering its Outdoor segment.
Apart from the latest move, Garmin recently unveiled the Performance Edition MARQ watches —MARQ Athlete, MARQ Adventurer, MARQ Aviator and MARQ Driver, with stylish silicone rubber straps and additional features.
The company remains well-poised to gain momentum across athletes, explorers, aviators and drivers on the back of the Performance Edition MARQ watches.
Additionally, it expanded its GPS devices portfolio by introducing Montana 750i, Montana 700i and Montana 700 GPS handheld series.
Further, the rollout of Instinct Solar – Tactical Edition, tactix Delta – Solar Edition, and tactix Delta – Solar Edition with Ballistics expanded the company’s GPS smartwatch offerings, which remains noteworthy.
Further, the company strengthened the portfolio of solar-edition smartwatches by expanding its solar charging technology to Instinct, fenix 6 and 6S and tactix Delta adventure watches.
We expect all these endeavors to drive top-line growth in the company’s Outdoor segment in the near term.
Worldwide provider of navigation, communications and information devices, Garmin has been making efforts to increase its share in all the markets served by it, backed by new products and upgrades to the existing ones.
The latest launch will help the company to expand its Outdoor segment, which focuses on developing technologies and innovations to enhance users’ outdoor experiences. Further, the segment offers products, which include handhelds, wearables, golfing devices, dog tracking/training devices and action cameras.
We believe that expanding the Outdoor segment remains a major positive for Garmin’s top-line. In 2019, the Outdoor segment accounted for 24% of the company’s total revenues.
Zacks Rank & Other Stocks to Consider
Garmin currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the broader computer and technology sector are Lam Research Corporation (LRCX - Free Report) , KLA Corporation (KLAC - Free Report) and Vishay Intertechnology, Inc. (VSH - Free Report) . While Lam Research currently sports a Zacks Rank #1 (Strong Buy), KLA and Vishay carry a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Long-term earnings growth rates for Lam Research, KLA and Vishay are pegged at 13.26%, 7.55% and 2.58%, respectively.
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