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Garmin (GRMN) Boosts MARQ Lineup to Expand Smartwatch Offerings
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Garmin (GRMN - Free Report) launched the MARQ Carbon collection to expand its luxury multi-sport tool watch offering.
Notably, the three new releases under the MARQ Carbon collection, namely MARQ Athlete, MARQ Golfer and MARQ Commander, feature 130 layers of Fused Carbon Fiber and an AMOLED touchscreen display with a domed sapphire lens.
Further, the new collection offers bracelets and straps made from perforated FKM leather, jacquard-weave nylon, or silicone, with up to 16 days of battery life and an intuitive magnetic charger for quick recharge.
Additionally, the new collection boasts a wide range of navigation, fitness and connected features, including multi-band GPS with SatIQ technology, point-to-point navigation, all-day stress tracking, Body Battery energy monitoring and Garmin Pay contactless payments, among others, enhancing lifestyles.
Garmin is expected to gain solid traction across athletes and adventure enthusiasts on the back of its latest move. This, in turn, will boost the company’s Outdoor segment.
Moreover, the latest launch will bolster Garmin’s smartwatch offerings.
The latest move is in sync with the company’s growing efforts to strengthen its Outdoor segment’s portfolio offerings.
Notably, Garmin unveiled the fenix 7 Pro Series, premium multisport GPS smartwatches with solar charging, designed for athletes and adventurers. These smartwatches offer performance insights, additional mapping and health tracking, with a built-in LED flashlight and solar charging lens.
Further, the company launched its flagship golf smartwatches, the Approach S70 series, featuring AMOLED touchscreen displays and on-the-course tools for improved all-around game performance on over 43,000 preloaded courses worldwide.
Additionally, Garmin introduced the epix Pro Series, high-performance GPS smartwatches with an AMOLED display, rugged design and impressive battery life, offering health monitoring, fitness metrics and built-in LED flashlights for active use.
All the above-mentioned endeavors will likely solidify Garmin’s presence in the global smartwatch market.
Per a Vantage Market Research report, the global smartwatch market is expected to be valued at $130.06 billion by 2030, exhibiting a CAGR of 18.6% between 2023 and 2030.
Strong prospects in the promising smartwatch market will likely aid the company in winning investors’ confidence in the days ahead.
Shares of GRMN have returned 15.9% in the year-to-date period, outperforming the industry’s growth of 12.6%.
Moreover, these efforts are expected to boost the Outdoor segment’s performance in the upcoming period.
However, sluggishness in multiple product categories remains a concern for the underlined segment.
The segment generated sales of $448.1 million in the reported quarter, decreasing 3% year over year.
For 2023, our model estimate for the Outdoor segment’s revenues stands at $1.77 billion, suggesting year-over-year growth of 0.3%.
Strength in the Outdoor segment will aid Garmin’s overall financial performance as it contributes to the majority of its net sales.
Notably, the company raised its guidance for 2023 revenues from $5 billion to $5.05 billion.
Image: Bigstock
Garmin (GRMN) Boosts MARQ Lineup to Expand Smartwatch Offerings
Garmin (GRMN - Free Report) launched the MARQ Carbon collection to expand its luxury multi-sport tool watch offering.
Notably, the three new releases under the MARQ Carbon collection, namely MARQ Athlete, MARQ Golfer and MARQ Commander, feature 130 layers of Fused Carbon Fiber and an AMOLED touchscreen display with a domed sapphire lens.
Further, the new collection offers bracelets and straps made from perforated FKM leather, jacquard-weave nylon, or silicone, with up to 16 days of battery life and an intuitive magnetic charger for quick recharge.
Additionally, the new collection boasts a wide range of navigation, fitness and connected features, including multi-band GPS with SatIQ technology, point-to-point navigation, all-day stress tracking, Body Battery energy monitoring and Garmin Pay contactless payments, among others, enhancing lifestyles.
Garmin is expected to gain solid traction across athletes and adventure enthusiasts on the back of its latest move. This, in turn, will boost the company’s Outdoor segment.
Moreover, the latest launch will bolster Garmin’s smartwatch offerings.
Garmin Ltd. Price and Consensus
Garmin Ltd. price-consensus-chart | Garmin Ltd. Quote
Strengthening Outdoor Segment
The latest move is in sync with the company’s growing efforts to strengthen its Outdoor segment’s portfolio offerings.
Notably, Garmin unveiled the fenix 7 Pro Series, premium multisport GPS smartwatches with solar charging, designed for athletes and adventurers. These smartwatches offer performance insights, additional mapping and health tracking, with a built-in LED flashlight and solar charging lens.
Further, the company launched its flagship golf smartwatches, the Approach S70 series, featuring AMOLED touchscreen displays and on-the-course tools for improved all-around game performance on over 43,000 preloaded courses worldwide.
Additionally, Garmin introduced the epix Pro Series, high-performance GPS smartwatches with an AMOLED display, rugged design and impressive battery life, offering health monitoring, fitness metrics and built-in LED flashlights for active use.
All the above-mentioned endeavors will likely solidify Garmin’s presence in the global smartwatch market.
Per a Vantage Market Research report, the global smartwatch market is expected to be valued at $130.06 billion by 2030, exhibiting a CAGR of 18.6% between 2023 and 2030.
Strong prospects in the promising smartwatch market will likely aid the company in winning investors’ confidence in the days ahead.
Shares of GRMN have returned 15.9% in the year-to-date period, outperforming the industry’s growth of 12.6%.
Moreover, these efforts are expected to boost the Outdoor segment’s performance in the upcoming period.
However, sluggishness in multiple product categories remains a concern for the underlined segment.
The segment generated sales of $448.1 million in the reported quarter, decreasing 3% year over year.
For 2023, our model estimate for the Outdoor segment’s revenues stands at $1.77 billion, suggesting year-over-year growth of 0.3%.
Strength in the Outdoor segment will aid Garmin’s overall financial performance as it contributes to the majority of its net sales.
Notably, the company raised its guidance for 2023 revenues from $5 billion to $5.05 billion.
Zacks Rank & Stocks to Consider
Currently, Garmin carries a Zacks Rank #4 (Sell).
Some better-ranked stocks in the broader technology sector are Asure Software (ASUR - Free Report) , Arista Networks (ANET - Free Report) and Badger Meter (BMI - Free Report) . While Asure Software sports a Zacks Rank #1 (Strong Buy), Arista Networks and Badger Meter carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Asure Software shares have lost 7.1% in the year-to-date period. ASUR’s long-term earnings growth rate is currently projected at 27%.
Arista Networks shares have gained 56.4% in the year-to-date period. The long-term earnings growth rate for ANET is currently projected at 18.75%
Badger Meter shares have gained 24.8% in the year-to-date period. BMI’s long-term earnings growth rate is currently projected at 17.3%.