In a bid to bolster the adventure watch portfolio,
Garmin ( GRMN Quick Quote GRMN - Free Report) has introduced a premium multisport smartwatch, epix. The watch features a bright AMOLED display and offers up to 16 days of battery life. Further, it features multi-band frequency and multi-GNSS support for better and more accurate GPS positioning. The watch sends smart notifications for incoming calls, text messages, social media updates, calendar reminders and more. Furthermore, epix offers 24/7 health monitoring, activity tracking and advanced training features along with smart notifications. To be precise, the underlined watch monitors wrist-based heart rate, respiration and Body-Battery energy. Further, it tracks stress levels and advanced sleep. The watch also provides sleep scores and insights. Additionally, it is well-equipped to coach runners with the help of customized training plans from Garmin Coach. It offers training features like PacePro and Real-Time Stamina. Notably, PacePro maintains a runner’s pacing strategy on track with grade-adjusted guidance. Real-Time Stamina helps in avoiding burnout by tracking and managing exertion. Apart from these, epix is synchronized with Garmin Pay to deliver a contactless payment experience to users. Expanding Smartwatch Portfolio
The latest move expands Garmin’s smartwatch portfolio.
Apart from epix, the company recently launched Venu 2 Plus — a GPS smartwatch. The watch contains robust health, wellness and fitness features like heart rate monitoring, stress tracking, energy monitoring and Pulse Ox1, offering 24/7 health monitoring. Further, the watch provides a sleep score, with insights from Firstbeat Analytics. Venu 2 Plus also monitors women's health by tracking menstrual cycle and pregnancy efficiently. The company announced the next generation of its flagship solar-enhanced multisport GPS smartwatch — f??nix 7 Series. It features a new touchscreen design plus button controls, advanced training tools, solar-enhanced models and a built-in flashlight. Furthermore, the company rolled out a vívomove Sport hybrid smartwatch with real ticking watch hands. The watch features robust health and wellness tools, including Body-Battery energy monitoring, all-day stress tracking and advanced sleep monitoring. Also, it comprises built-in sports apps with connected GPS. Bottom Line
The abovementioned endeavors bode well for the company’s growing efforts toward strengthening its outdoor and fitness segments, which have become its integral parts.
Notably, the outdoor segment accounted for 27% of the 2020 revenues of the company. Further, the fitness segment contributed 31% to the total revenues in 2020. We believe that expanding smartwatch and wearable offerings will continue to aid the company in increasing its reach to sports enthusiasts and fitness-conscious customers. This, in turn, will likely contribute well to Garmin’s top-line growth in the near term. Zacks Rank & Stocks to Consider
Currently, Garmin carries a Zacks Rank #3 (Hold).
Investors interested in the broader technology sector can consider better-ranked stocks like Advanced Micro Devices ( AMD Quick Quote AMD - Free Report) , Mimecast Limited and Trimble ( TRMB Quick Quote TRMB - Free Report) , each currently carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Advanced Micro Devices has gained 48.7% over a year. The long-term earnings growth rate for AMD is currently projected at 46.2%. Mimecast has gained 78.4% over a year. The long-term earnings growth rate for MIME is currently projected at 35%. Trimble has gained 4.7% over a year. The long-term earnings growth rate for TRMB is currently projected at 14%.