Garmin ( GRMN Quick Quote GRMN - Free Report) is constantly gaining momentum in the wearable market on the back of its robust smartwatches. Recently, the company introduced a series of premium multisport GPS smartwatches, namely the fenix 7 Pro. The fenix 7 Pro smartwatches provide pro-grade performance insights to users and feature advanced mapping capabilities. It offers weather map overlays, with the help of which users can view the upcoming weather conditions seamlessly. The latest series comes with a built-in LED flashlight, heart rate sensor and solar charging lens, which provide up to 37 days of battery life in smartwatch mode and up to 139 days in expedition mode. Additionally, the new smartwatches provide endurance and hill scores to improve the user’s performance. We note that the above-mentioned features are expected to boost the adoption rate of the fenix 7 Pro series in the days ahead. Strengthening Smartwatch Offerings
The latest move bodes well for the company’s growing efforts toward expanding its smartwatch offerings.
The company recently unveiled its next-generation high-performance GPS smartwatch series — epix Pro, which features a crystal-clear AMOLED display and improved battery life. Additionally, GRMN added an AMOLED display feature to its Forerunner 265 and Forerunner 965 GPS running watch series. Forerunner 265 and 965 smartwatches enable users to access health features and smart notifications seamlessly on the back of the responsive touchscreen displays. These watches also offer other innovative features to athletes, such as a morning report, a race widget, personalized daily suggested workouts, a training readiness score, running power and dynamics and heart rate variability. Also, the company added new color options to its small and fashionable smartwatch series called Lily. It unveiled a cream gold bezel with a dust rose case and a silicone band version in Lily’s sports edition and a cream gold bezel with a gray case and an Italian leather band version in Lily’s classic edition. Further, the introduction of a hybrid smartwatch, namely the vívomove Trend, which enables users to keep track of health and fitness data through all-day stress tracking, sleep score and blood oxygen saturation level monitoring with Pulse Ox and Body Battery energy monitoring, remains a positive. Growth Prospects
Garmin’s above-mentioned efforts are expected to continue helping it solidify its presence in the booming smartwatch and wearable markets.
Per a report from Straits Research, the wearable fitness tracker market is expected to hit $192 billion by 2030, seeing a CAGR of 17.5% between 2022 and 2030. Per a Grand View Research report, the global smartwatch market is anticipated to grow, witnessing a CAGR of 8.2% during the 2022-2030 period. We believe Garmin’s deepening focus on these promising markets, along with its expanding smartwatch offerings, is expected to aid it in gaining investors’ optimism in the days ahead. Notably, GRMN has gained 14.4% in the year-to-date period, outperforming the industry’s growth of 8.2%. Zacks Rank & Stocks to Consider
Currently, Garmin carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the broader technology sector are Palo Alto Networks ( ANET Quick Quote ANET - Free Report) , NVIDIA ( NVDA Quick Quote NVDA - Free Report) and AMETEK ( AME Quick Quote AME - Free Report) . While Palo Alto Networks and NVIDIA sport a Zacks Rank #1 (Strong Buy), AME carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here. Palo Alto Networks shares have gained 61.9% in the year-to-date period. The long-term earnings growth rate for PANW is currently projected at 31.5%. NVIDIA shares have gained 166.1% in the year-to-date period. It’s long-term earnings growth rate is presently projected at 23.02%. AMTEK shares have gained 7% in the year-to-date period. The long-term earnings growth rate for AME is currently projected at 8.95%.