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Garmin GRMN is leaving no stone unturned to bolster the devices portfolio for enhancing its offering in the navigation space.
This is evident from its latest launch of RV 1090 GPS navigator, which comes with 10-inch high-resolution, edge-to-edge touchscreen display in both portrait and landscape mode.
Garmin strives to gain strong momentum among travellers as the new navigator is comprised of all the core RV-related navigation features. The inbuilt custom RV routingfeature offers appropriate and safe route option by considering road warnings for upcoming hazards, including sharp curves and steep grades.
Further, the device features Bluetooth hands-free calling and a revamped Garmin voice assistant option, which make driving safe for travellers.
Additionally, RV 1090 is integrated with Garmin Drive app, which enables users to know live fuel prices, traffic and weather conditions.
Also, the navigator makes travel easy and convenient, with preloaded directory of RV Parks and Services, and TripAdvisor ratings.
Latest Launch to Benefit
The latest move is expected to drive Garmin’s momentum across travellers.
Moreover, with all the launch of RV 1090, the company strives to deliver advanced navigation experience to drivers. Hence, this is likely to aid the adoption rate of the new navigator.
Further, the move bodes well for the company’sconcerted efforts to increase its share in theautomotive market on the back of new products and upgrades to the existing ones.
This, in turn, is likely to contribute well to the performance of the company’s consumer automotive division, thereby, aiding the auto segment’s top line in the near term.
Garmin Ltd. Price and Consensus
Garmin Ltd. price-consensus-chart | Garmin Ltd. Quote
GPS Navigator Strength
The latest move bodes well for the company’s growing efforts toward expanding the GPS navigator portfolio. The launch of RV 1090 expands Garmin’s RV-specific GPS navigator series.
Apart from it, the company recently launched GPSMAP 66sr and GPSMAP 65 Series handheld devices in an effort to expand its GPS devices portfolio.
Further, the launch of a new series of oversized dezl truck navigators — dezl OTR700/800/1000 GPS navigators— remains positive.
Additionally, the company’s all-terrain GPS motorcycle navigator, zumo XT is noteworthy. In case of an untoward incident, the navigator is well-equipped to provide automatic incident notifications to family and friends of rider.
The company’s robust portable navigation devices for automobiles, motorcycles and trucksare acting as tailwinds.
We believe that strengthening GPS navigator portfolio positions Garmin well to expand presence in the booming GPS tracking device market, which is riding on increasing commercial vehicle fleet.
Zacks Rank & Other Stocks to Consider
Garmin currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the broader computer and technology sector are KLA Corporation KLAC, TE Connectivity Ltd. TEL and Vishay Intertechnology, Inc. VSH. All the three companies carry a Zacks Rank #2. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Long-term earnings growth rates for KLA, TE Connectivity and Vishay are pegged at 11.56%, 10.41% and 2.58%, respectively.
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