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Garmin Ltd GRMN Stock Quote

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Morningstar‘s Stock Analysis GRMN

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Garmin Out of Shape as Its Fitness Business Sees Prepandemic Normalization; Lowering FVE to $140

Julie Bhusal Sharma Equity Analyst

Analyst Note

| Julie Bhusal Sharma |

Narrow-moat Garmin's second-quarter earnings disappointed as they missed our top- and bottom-line expectations. Endurance let up in the workout of beating tough fitness comparisons as demand has normalized to prepandemic levels. On top of tough fitness comparisons, Garmin is not immune to the macroeconomic headwinds of a strengthening U.S. dollar and elevated inflation as well as interest rates. Due to these headwinds, we are lowering our fair value estimate for Garmin shares to $140 from $150. Despite our revision, we reiterate our confidence that Garmin shares are still attractively priced. In our view, Garmin's current stock price of $95 overlooks long-lasting impacts of the pandemic on outdoor- and fitness-related habits of Garmin's customers—even if this quarter's results adjust the extent of that influence, and margin expansion that comes with such scale.

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Key Statistics GRMN

Company Profile GRMN

Business Description

Garmin produces GPS-enabled hardware and software for five verticals: fitness, outdoors, auto, aviation, and marine. The company relies on licensing mapping data to enable its hardware specialized for often niche activities like scuba diving or sailing. Garmin operates in 100 countries and sells its products via distributors as well as relationships with original equipment manufacturers.

Muhlentalstrasse 2
Schaffhausen, 8200, Switzerland
T +41 526301600
Industry Scientific & Technical Instruments
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 25, 2022
Stock Type
Employees 18,700

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