Garmin ( GRMN Quick Quote GRMN - Free Report) introduced a chartplotter and transducer bundle with Panoptix LiveScope sonar, namely LiveScope Ice Fishing Bundle LI, for hardwater fishing. The LiveScope Ice Fishing Bundle LI features LiveScope Forward and LiveScope Down that provide real-time sonar images of fish and help ice anglers track schools of fish up to 200 feet below the ice. Also, LiveScope Ice Fishing Bundle LI is enabled with ECHOMAP UHD 93sv customized touchscreen with keyed assist to help anglers access flasher, map, sonar and other important information. Further, it is enabled with LiveScope Boat Kit that helps it in smooth transition to the boat when the snow defrosts during the summer months. The LiveScope Ice Fishing Bundle LI is powered with lightweight lithium battery that offers up to 65% more life and thus helps anglers spend more time catching fish below the ice. These features are expected to expand Garmin’s reach to anglers, which in turn will expand the customer base. Marine Segment in Focus
Garmin is making strong efforts to boost prospects of the marine segment by providing advanced solutions to anglers, sailors, mariners and boat enthusiasts. The recent launch is an effort in this direction.
Apart from the latest move, the company recently launched MS-RA60 marine stereo that provides high-quality onboard entertainment to boaters at an affordable price. Additionally, Garmin in early May introduced the MSC 10 marine satellite compass with multi-band global navigation satellite system that provides reliable, accurate GPS-derived heading and position information on the water. In late April, it announced support for Mercury Marine VesselView engine data across ECHOMAP Ultra, ECHOMAP UHD and GPSMAP series multi-function displays. The VesselView provides important Mercury engine information to boaters. All these endeavors are expected to contribute well to the marine segment’s revenues. Expanding Product Portfolio
The launch of LiveScope Ice Fishing Bundle LI has also expanded Garmin’s overall product portfolio.
Last month, it unveiled an all-new 2021 dash cam series with voice controlling features, automatic video storage and Live View monitoring options for drivers to record any incident occurring in front of the vehicle.
In the same month, Garmin also introduced TXi- engine indication system support for twin turboprop aircraft like Cessna 425, the King Air 90 series, and select Pratt & Whitney PT6A turboprop-powered Piper Cheyenne I and II. Last month, the company also launched a free software update to enhance navigation capabilities of Edge 530, Edge 830, Edge 1030 and Edge 1030 Plus GPS cycling computers for providing better experience to cyclists. In the month of May, Garmin launched Descent Mk2S, a daily wear smartwatch comprising numerous underwater diving features and additional options to track users’ daily lifestyle. We believe that these endeavors are expected to drive Garmin’s top line in various end-markets served. Zacks Rank & Other Stocks to Consider
Currently, Garmin carries a Zacks Rank #2 (Buy).
Some similar-ranked stocks in the broader technology sector include Digital Turbine ( APPS Quick Quote APPS - Free Report) , Advanced Micro Devices ( AMD Quick Quote AMD - Free Report) and Mimecast Limited ( MIME Quick Quote MIME - Free Report) . While Digital Turbine sports a Zacks Rank #1 (Strong Buy), Advanced Micro Devices and Mimecast 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 Digital Turbine, Advanced Micro Devices and Mimecast are currently projected at 50%, 35.01% and 35%, respectively.