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Garmin (GRMN) Expands European Footprint With Outdoor Maps+

Garmin GRMN recently extended its mapping solution offering, namely, Outdoor Maps+, to several European countries.

Outdoor Maps+ allows users to access globally available TOPO Pro Mapping content, including roads and trails, points of interest and contour lines, among others, with an annual purchase plan of $49.99.

The mapping solution is compatible across several Garmin adventure smartwatches, including GPSMAP 67 series, Montana 700 and Alpha 300 series GPS handhelds and fenix 7 and epix series.

This solution offers high-resolution, photorealistic maps for stargazing, camping and outdoor activities. It also offers additional features like satellite imagery, night lights, HD relief shading and 2D buildings.

Garmin is expected to gain solid traction among adventure smartwatch users across Europe on the back of its latest move.

This, in turn, will enable the company to capitalize on growth opportunities present in the European smartwatch market. Per a Mordor Intelligence report, the Europe smartwatch market is expected to hit $6.11 billion in 2024, and reach $10.23 billion by 2029, exhibiting a CAGR of 10.8% between 2024 and 2029.

Garmin Ltd. Price and Consensus

Garmin Ltd. Price and Consensus
Garmin Ltd. Price and Consensus

Garmin Ltd. price-consensus-chart | Garmin Ltd. Quote

Strengthening Smartwatch Offerings

The latest move bodes well for Garmin’s deepening focus on strengthening its smartwatch offerings.

Garmin recently announced feature updates for its epix (Gen 2) and fenix 7 smartwatches. This includes features such as multisport auto transition, a running track database, personalized sleep coaching and jump rope activity tracking. It allows users to focus on their race, record splits between swim, bike and run activities, and track more than 10,000 tracks for accurate performance measurements.

The company also expanded its ECG App1 to its epix Pro series, fenix 7 Pro series, Venu 3 series and tactix 7 – AMOLED Edition smartwatches, allowing users to record heart rhythms and check for atrial fibrillation.

All the above-mentioned endeavors will continue to strengthen Garmin’s competitive position in the global smartwatch market, presenting a significant growth opportunity for the company. Per a Fortune Business Insights report, the global smartwatch market is expected to hit $33.58 billion in 2024 and reach $103.61 billion by 2032, witnessing a CAGR of 15.1% between 2024 and 2032.

Solidifying prospects in the booming smartwatch market will continue to bolster its Outdoor segment, which has been a major growth driver for the company. Its shares have rallied 10% in the year-to-date period compared with the Zacks Computer & Technology sector’s growth of 8%.

The strengthening Outdoor segment will likely aid Garmin’s overall financial performance in the near term.

The Zacks Consensus Estimate for 2024 revenues is pegged at $5.77 billion, indicating year-over-year growth of 10.4%.

Expanding European Footprint

This latest move is in sync with the company’s increasing efforts to strengthen its footprint in Europe.

Recently, Garmin expanded its Garmin Navigation Database coverage to Europe, enabling European customers to integrate the latest aviation navigation information into their Garmin avionics products seamlessly.

The database also offers comprehensive GPS navigation information for European travelers, including single updates, annual bundle options and OnePak subscriptions.

This move by Garmin will further strengthen its footprint across European aviation space by driving momentum among European aircraft owners and operators.

Zacks Rank & Other Stocks to Consider

Currently, Garmin carries a Zacks Rank #2 (Buy).

Some other top-ranked stocks in the broader technology sector are Arista Networks ANET, Dell Technologies DELL and Synopsys SNPS, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Shares of Arista Networks have gained 9.2% in the year-to-date period. The long-term earnings growth rate for ANET is 17.48%.

Shares of Dell Technologies have gained 2.5% in the year-to-date period. The long-term earnings growth rate for DELL is currently projected at 12%.

Shares of Synopsys have gained 9.4% in the year-to-date period. The long-term earnings growth rate for SNPS is 17.51%

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