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Garmin (GRMN) Boosts Wearable Portfolio With Instinct Watch
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Garmin (GRMN - Free Report) expanded the Instinct family of rugged smartwatches with the recent addition of the Instinct Crossover smartwatch.
Instinct Crossover features Super-LumiNova-coated analog hands and a chapter ring to show ruggedness for any activity.
The watch is powered by RevoDrive analog hand technology to show accurate timing even in the harshest activities and environments, making it suitable for customers with different outdoor preferences.
Instinct Crossover is thermal and shock resistant, with the ability to offer nearly a month of battery life in smartwatch mode and more than 110 hours in GPS mode.
Users can connect the smartwatch to their smartphone device to get notifications on their wrists. They can also avail health and wellness features on the smartwatch to keep track of their well-being.
The above-mentioned features are expected to boost the adoption rate of the Instinct Crossover smartwatch in the days ahead.
With the introduction of the Instinct Crossover smartwatch, Garmin expanded its portfolio of wearable offerings.
In addition to the latest smartwatch, last month, Garmin unveiled a collection of second-generation MARQ watches to serve users with different outdoor preferences.
In September, Garmin released the Black Panther watch, a special edition vívofit jr. 3, to provide children with an enhanced fitness tracking experience.
In August, Garmin unveiled the Enduro 2 multisport GPS smartwatch featuring an LED flashlight, music, enhanced positioning precision and a battery life of up to 150 hours in GPS mode.
In June, Garmin introduced the Forerunner 955 Solar smartwatch, featuring solar charging, longer battery life, multi-satellite system tracking, and health and wellness tracking.
Garmin’s expanding smartwatch offerings are expected to continue helping it solidify its presence in the booming smartwatch as well as the wearable market.
According to a Facts & Factors report, the global smartwatch market is likely to reach $97.5 billion by 2028, witnessing a CAGR of 21.5% between 2022 and 2028.
Per a Data Bridge Market Research report, the global wearable devices market is anticipated to hit $460.3 billion by 2029, seeing a CAGR of 18.8% during the 2022-2029 period.
We believe that Garmin’s prospects in these booming markets are likely to aid it in gaining investors’ confidence in the near term.
Shares of GRMN have been down 36.3% in the year-to-date period, outperforming the Computer and Technology sector’s decline of 37.1%.
Solidifying Outdoor Segment
The introduction of the Instinct Crossover smartwatch bodes well for Garmin’s consistent efforts in strengthening the outdoor segment.
In addition to the latest move, GRMN had launched a communication-focused device named inReach Messenger in September for two-way texting, location sharing and SOS sending.
Garmin also released the Delta SE handheld and collar to enable users with simplified dog-training capabilities.
The consistent launch of outdoor offerings is expected to help Garmin gain momentum among its outdoor enthusiasts. This, in turn, will boost the outdoor segment’s performance in the days ahead.
The underlined segment generated $340.4 million, accounting for 30% of the total third-quarter 2022 revenues, up 5% from the year-ago quarter’s figure.
Image: Bigstock
Garmin (GRMN) Boosts Wearable Portfolio With Instinct Watch
Garmin (GRMN - Free Report) expanded the Instinct family of rugged smartwatches with the recent addition of the Instinct Crossover smartwatch.
Instinct Crossover features Super-LumiNova-coated analog hands and a chapter ring to show ruggedness for any activity.
The watch is powered by RevoDrive analog hand technology to show accurate timing even in the harshest activities and environments, making it suitable for customers with different outdoor preferences.
Instinct Crossover is thermal and shock resistant, with the ability to offer nearly a month of battery life in smartwatch mode and more than 110 hours in GPS mode.
Users can connect the smartwatch to their smartphone device to get notifications on their wrists. They can also avail health and wellness features on the smartwatch to keep track of their well-being.
The above-mentioned features are expected to boost the adoption rate of the Instinct Crossover smartwatch in the days ahead.
With the introduction of the Instinct Crossover smartwatch, Garmin expanded its portfolio of wearable offerings.
Garmin Ltd. Price and Consensus
Garmin Ltd. price-consensus-chart | Garmin Ltd. Quote
Growing Smartwatch Offerings
In addition to the latest smartwatch, last month, Garmin unveiled a collection of second-generation MARQ watches to serve users with different outdoor preferences.
In September, Garmin released the Black Panther watch, a special edition vívofit jr. 3, to provide children with an enhanced fitness tracking experience.
In August, Garmin unveiled the Enduro 2 multisport GPS smartwatch featuring an LED flashlight, music, enhanced positioning precision and a battery life of up to 150 hours in GPS mode.
In June, Garmin introduced the Forerunner 955 Solar smartwatch, featuring solar charging, longer battery life, multi-satellite system tracking, and health and wellness tracking.
Garmin’s expanding smartwatch offerings are expected to continue helping it solidify its presence in the booming smartwatch as well as the wearable market.
According to a Facts & Factors report, the global smartwatch market is likely to reach $97.5 billion by 2028, witnessing a CAGR of 21.5% between 2022 and 2028.
Per a Data Bridge Market Research report, the global wearable devices market is anticipated to hit $460.3 billion by 2029, seeing a CAGR of 18.8% during the 2022-2029 period.
We believe that Garmin’s prospects in these booming markets are likely to aid it in gaining investors’ confidence in the near term.
Shares of GRMN have been down 36.3% in the year-to-date period, outperforming the Computer and Technology sector’s decline of 37.1%.
Solidifying Outdoor Segment
The introduction of the Instinct Crossover smartwatch bodes well for Garmin’s consistent efforts in strengthening the outdoor segment.
In addition to the latest move, GRMN had launched a communication-focused device named inReach Messenger in September for two-way texting, location sharing and SOS sending.
Garmin also released the Delta SE handheld and collar to enable users with simplified dog-training capabilities.
The consistent launch of outdoor offerings is expected to help Garmin gain momentum among its outdoor enthusiasts. This, in turn, will boost the outdoor segment’s performance in the days ahead.
The underlined segment generated $340.4 million, accounting for 30% of the total third-quarter 2022 revenues, up 5% from the year-ago quarter’s figure.
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 Agilent Technologies (A - Free Report) , Asure Software (ASUR - Free Report) and America Movil (AMX - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Agilent Technologies has lost 13.1% in the year-to-date period. The long-term earnings growth rate for A is currently projected at 10%.
Asure Software has lost 14.4% in the year-to-date period. The long-term earnings growth rate for ASUR is currently projected at 14%.
America Movil has lost 5% in the year-to-date period. The long-term earnings growth rate for AMX is currently projected at 25.7%.