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Garmin (GRMN) Expands Customer Base With Palomino Selection

Zacks.com logo Zacks.com 11/23/2022

Garmin GRMN is consistently gaining momentum among customers on the back of its robust automotive offerings.

This is evident from GRMN’s Garmin ONE (Operation, Navigation, Entertainment) solution that was recently picked by Palomino RV to boost its Pause line of travel trailers.

With Garmin ONE technology, Palomino aims to provide camping trailer users with seamless control of camper systems, navigation and entertainment.

Moreover, the Palomino trailer system can be controlled with smartphone and tablet by downloading the Garmin RV Controls app. Users can also pair the system with  Garmin Drive app to access real-time traffic updates and weather information.

Garmin Ltd. Price and Consensus

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

Strengthening Clientele to Boost Automotive Segment

The selection of Garmin ONE technology by Palomino added strength to the customer base of Garmin.

Apart from this recent pick, in August, Arctic Cat chose Garmin’s Tread navigators to outfit the new Wildcat XX Black Hills Edition side-by-side vehicles for technical trail riding, difficult climbs and rock crawling.

We believe that the growing selection of Garmin’s automotive offerings will continue to drive GRMN’s automotive segment revenues in the upcoming period.

The automotive segment generated sales of $135.6 million, accounting for 12% of total third-quarter 2022 revenues.

Robust Portfolio of Automotive Solutions

Garmin is steadily bringing innovative technology-enabled automotive solutions to win customers and retain the existing ones.

In July, Garmin introduced dezlCam OTR710, featuring a high-definition dash cam to provide a safe-driving experience to drivers.

In June, GRMN launched the dezl OTR series of trucking navigators featuring arrival planning with automatic birds-eye satellite imagery for high-resolution aerial views during truck entries at the security gates and while loading at dock destinations.

GRMN also unveiled the dezl Headset series, featuring high-quality audio, active noise cancellation and a battery life of up to 50 hours to provide a better travel experience to drivers on the road.

The continuous launch of automotive solutions is expected to help Garmin bolster its presence in the growing automotive market.

This, in turn, is likely to aid GRMN raise investors' optimism on the stock in the days ahead.

Shares of GRMN have been down 33.7% in the year-to-date period, outperforming the Computer and Technology sector’s decline of 37.9%.

Zacks Rank & Stocks to Consider

Currently, Garmin carries a Zacks Rank #3 (Hold). Investors interested in the broader Zacks Computer & Technology sector can consider some better-ranked stocks like Arista Networks ANET, Airbnb ABNB and Asure Software ASUR. While Arista Networks and Asure Software sport a Zacks Rank #1 (Strong Buy), Airbnb carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Arista Networks has lost 6.3% in the year-to-date period. The long-term earnings growth rate for ANET is currently projected at 17.5%.

Airbnb has lost 43.1% in the year-to-date period. ABNB’s long-term earnings growth rate is currently projected at 20.7%.

Asure Software has gained 1.2% in the year-to-date period. The long-term earnings growth rate for ASUR is currently projected at 23%.

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