Garmin GRMN has unveiled an all-new 2021 dash cam series with voice controlling features, automatic video storage and Live View monitoring options.
The series includes the Garmin Dash Cam Mini 2, 47, 57, and 67W — pocket-sized and virtually invisible dash cams that help drivers in recording any incident that occurs in front of the vehicle.
Moreover, the new Parking Guard and Live View features keep notice of the parked vehicles and alert the drivers of any activity on their smartphones through the Garmin Drive app.
The latest launch is likely to expand the company’s customer base in the automotive segment, in turn driving top-line growth.
Garmin Ltd. Price and Consensus
Garmin Ltd. price-consensus-chart | Garmin Ltd. Quote
Growing Automotive Segment
Garmin is making strong efforts to revolutionize the automotive segment and provide safe driving features to drivers, commuters as well as motorists of all types.
In addition to the recent move, the company launched dezl OTR500 — a 5.5” size, HD resolution touchscreen display — to provide efficient navigation to truck drivers.
In addition, Garmin collaborated with Amazon to integrate its Alexa Custom Assistant technology into Garmin’s in-vehicle infotainment and navigation systems for leading automakers including BMW Group, Ford, Honda, Toyota, Daimler as well as Geely.
Also, the company introduced a strong trio of solutions — Tread powersport navigator with Group Ride radio, Garmin PowerSwitch digital switch box and BC 40 wireless camera with tube mount — to help recreational riders roam around anywhere.
Moreover, Garmin added a new product, the RV 1090, to its RV-specific GPS navigator series to help travelers with better navigation on their journey.
These endeavors are driving Garmin’s performance in this segment, which generated 12% of total revenues for fiscal first-quarter 2021. Also, revenues from this segment grew 18% year over year.
Expanding Product Portfolio
The latest move bodes well for its growing efforts toward strengthening the product portfolio.
Recently, the company launched Forerunner 945 LTE, a premium GPS and triathlon smartwatch with connectivity to help athletes stay connected to their friends and family during training.
In addition, the company unveiled Descent Mk2S, a regular wear smartwatch with numerous underwater diving features and additional options to track users’ daily lifestyle.
Moreover, the company launched MS-RA60 marine stereo that provides high-quality onboard entertainment to boaters at an affordable price.
Additionally, Garmin introduced MSC 10 marine satellite compass, a GPS-based navigation tool with a multi-band global navigation satellite system that provides reliable, accurate heading and position on the water.
Further, the company unveiled GWX 8000 StormOptix weather radar to provide an extensive weather threat analysis and simplify operations for the pilot.
We note that Garmin’s strong endeavours to expand product offerings will continue to drive its momentum across customers and bolster presence in various end markets.
Zacks Rank & Stocks to Consider
Currently, Garmin carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader technology sector include Carrier Global Corporation CARR, Flex Ltd. FLEX and KLA Corporation KLAC, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Long-term earnings growth rates for Carrier Global, Flex, and KLA Corp. are currently projected at 13.4%, 11.4% and 14%, respectively.
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