|Over a week ago|
Garmin price target raised to $107 from $96 at Credit Suisse » 07:2111/1011/10/20
Credit Suisse analyst…
Credit Suisse analyst Robert Spingarn raised the firm's price target on Garmin to $107 from $96 after another strong quarter, while keeping a Neutral rating on the shares. The analyst believes Garmin is well positioned for greater adoption of new activities, particularly outside. With COVID-19 prompting many to change their exercise and recreational routines, Garmin is seeing broader adoption of its products which are well aligned with these activities, Spingarn adds.
Garmin upgraded to Buy from Underperform at BofA » 09:0110/3010/30/20
BofA analyst Ronald…
BofA analyst Ronald Epstein upgraded Garmin to Buy from Underperform with a price target of $120, up from $104, after its better than expected Q3 results. The analyst notes that he has always viewed the company as a "niche player" with a diversified business model, but he sees Garmin as having especially benefited during the pandemic on rising sales of outdoor, fitness and marine products. Epstein expects the company to post another strong set of results in Q4, he added.
Garmin sees FY20 EPS approximately $4.70, consensus $4.10 » 07:0710/2810/28/20
Sees FY20 revenue…
Sees FY20 revenue approximately $4B, consensus $3.74B.
Garmin reports Q3 pro forma EPS $1.58, consensus 99c » 07:0510/2810/28/20
Reports Q3 revenue…
Reports Q3 revenue $1.11B, consensus $893.59M. "Demand for active lifestyle products fueled strong revenue growth resulting in record revenue and profits for the quarter," said Cliff Pemble, president and CEO of Garmin. "Interest in our products remains high as we move into the important holiday selling season, and we are prepared with a strong lineup of products that offer the innovation and uniqueness that consumers want."
|Over a month ago|
Garmin introduces Descent Mk2, Descent Mk2i and Descent T1 transmitter » 07:1310/2110/21/20
Garmin announced the…
Garmin announced the Descent Mk2, Descent Mk2i dive computers and Descent T1 transmitter, its next-generation suite of dive products with features for both underwater and on the surface. The Descent Mk2i watch-style dive computer pairs with the Descent T1 transmitter via Garmin SubWave to deliver tank pressure data to the diver. SubWave is a new sonar-based communication system that provides increased range and reliability over traditional air integration systems. In addition to a larger display, leakproof inductive button technology, customizable in-dive data fields and more.
Garmin outperforming expectations in Q3, says Cleveland Research » 09:5809/1009/10/20
Cleveland Research analyst Ben Bollin says recent work on Garmin suggests additional improvement into September following month-to-month improvement in July and August. Checks remain favorable for the wearables business with Garmin viewed as gaining share while aviation demand appears better, Bollin tells investors in a research note. The analyst increased estimates for Garmin and believes the company is performing better than expectations in Q3.
|Over a quarter ago|
Garmin paid ransom to recover files following cyberattack, Sky News reports » 06:1708/0408/04/20
Garmin paid hackers a…
Garmin paid hackers a multimillion dollar ransom to recover files after a cyberattack that left their services offline for several days last month, Sky News' Alexander Martin reports. The malware used against Garmin has been attributed to Evil Corp, a Russia-based hacker group that was placed on a U.S. sanctions list last year, according to the report, which adds that Garmin paid the money through cybersecurity firm Arete IR after the first firm they sought out turned down the job due to concerns about dealing with sanctioned individuals. Reference Link
Garmin price target raised to $110 from $101 at JPMorgan » 08:3407/3007/30/20
JPMorgan analyst Paul…
JPMorgan analyst Paul Chung raised the firm's price target on Garmin to $110 from $101 and keeps an Overweight rating on the shares following the company's better than expected Q2 results. The analyst views yesterday's modest share pullback as an attractive opportunity for long-term investors. Garmin offers a diversified business model, consistent free cash flow, an "excellent" balance sheet of $2.7B in net cash and no debt, and "healthy" dividend yield of ~2.5%, Chung tells investors in a research note.
Garmin reports Q2 Auto segment revenue down 45% » 07:1707/2907/29/20
Garmin said in its Q2…
Garmin said in its Q2 earnings release, "Revenue from the auto segment declined 46% during the second quarter, as the pandemic significantly impacted driving activity and production of new vehicles. Gross margin was 47%, and we experienced an operating loss of $10 million in the quarter. During the quarter, we launched the oversized dezl GPS truck navigators featuring large, easy-to-read HD touchscreens, industry-best load-to-dock guidance and popular truck routing for professional truck drivers. We also launched the RV 890 navigator specifically geared for the RV and camping lifestyle, with a large high-resolution touchscreen display and revamped voice assistant which simplifies overall interaction with the navigator. Looking forward, our auto segment is committed to enhancing the automotive experience through compelling aftermarket products for adventure, professional and daily drivers, and becoming a respected tier 1 supplier of innovative electronic solutions for a broad range of vehicles."
Garmin reports Q2 Aviation revenue down 31% » 07:1607/2907/29/20
Garmin said in its Q2…
Garmin said in its Q2 earnings release, "Revenue from the aviation segment declined 31% in the second quarter, as the pandemic negatively impacted OEM and aftermarket product categories, and the ADS-B market rapidly matured. Gross margin and operating margin were 73% and 12%, respectively. During the quarter, we received FAA certification for the Garmin Autoland system in the Piper M600, marking the beginning of a new era for general aviation safety technology. We continue to invest in additional certifications and new products that will make general aviation safer and more accessible."