Advertisement
U.S. markets open in 5 hours 38 minutes
  • S&P Futures

    5,208.50
    -6.25 (-0.12%)
     
  • Dow Futures

    39,220.00
    -3.00 (-0.01%)
     
  • Nasdaq Futures

    18,182.75
    -48.75 (-0.27%)
     
  • Russell 2000 Futures

    2,046.70
    -3.10 (-0.15%)
     
  • Crude Oil

    82.70
    -0.02 (-0.02%)
     
  • Gold

    2,158.30
    -6.00 (-0.28%)
     
  • Silver

    25.15
    -0.11 (-0.46%)
     
  • EUR/USD

    1.0859
    -0.0018 (-0.16%)
     
  • 10-Yr Bond

    4.3400
    0.0000 (0.00%)
     
  • Vix

    14.48
    +0.15 (+1.05%)
     
  • GBP/USD

    1.2697
    -0.0032 (-0.25%)
     
  • USD/JPY

    150.2860
    +1.1880 (+0.80%)
     
  • Bitcoin USD

    64,509.54
    -3,698.41 (-5.42%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • FTSE 100

    7,722.55
    -4.87 (-0.06%)
     
  • Nikkei 225

    40,003.60
    +263.20 (+0.66%)
     

Garmin Expands Digital & Aviation Offerings with AeroData Buyout

Garmin’s (GRMN) unit, Garmin International Inc., has acquired privately held firm AeroData, Inc. Garmin designs, manufactures, and distributes a wide range of navigation, communication, and information devices.

The financial terms of the deal have been kept under wraps.

AeroData provides aircraft performance software and services to commercial and business aviation. The addition of AeroData’s performance data solutions will complement the company’s digital services portfolio. Furthermore, the deal will enhance Garmin’s offerings in the commercial aviation space.

Garmin’s aviation Executive Vice President Phil Straub said, “We look forward to building upon AeroData’s incredible success in providing advanced software solutions for both air transport and business aviation.”

He added, “In addition to broadening Garmin’s presence in commercial aviation, AeroData’s extensive load planning, performance, and flight path analysis expertise significantly enhances and expands our digital services portfolio.” (See Garmin stock analysis on TipRanks)

On April 27, Colliers Securities analyst Derek Soderberg increased the stock’s price target to $155 (10% upside potential) from $145 and maintained a Buy rating.

Soderberg said, “Garmin is performing better than most in the current economic environment. While the pandemic has helped greatly, we would attribute much of their success to the company’s ability to continually release compelling new products in niche markets. We believe there is a long runway ahead for Garmin to expand upon their product lines in each of their end markets.”

The rest of the Street is cautiously optimistic about the stock with a Moderate Buy consensus rating. That’s based on 2 Buys versus 2 Holds. The average analyst price target of $144.33 implies 2.5% upside potential to current levels. Shares have increased almost 20.4% over the past six months.

Garmin scores a 7 of 10 from TipRanks’ Smart Score rating system, indicating that the stock is likely to perform in line with market averages.

Related News:
Beam Global Posts Smaller-Than-Feared Quarterly Loss; Revenue Misses Estimates
Builders Firstsource to Snap Up Cornerstone Building for $400M, Boost Geographic Presence
Target Hospitality Posts Loss in Q1; Shares Up

More recent articles from Smarter Analyst:

Advertisement