D.A. Davidson Previews Garmin Ahead of Q2 Earnings

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Garmin
GRMN
is scheduled to release its second quarter earnings before the market open on Wednesday. Davidson currently rates Garmin at Neutral with a $60 price target The analysts a D.A. Davidson are estimating that Garmin will report revenues of $693 million along with an EPS of $0.72 both of which are below the respective consensus estimates of $710 and $0.76. Looking to sales, the analysts are expecting Auto/Mobile to decline 11.5 percent which he says will be partially offset by increases in Outdoor (4.8%), Fitness (17.6%), Marine (10.0%) and Aviation (10.2%). Additionally, they are looking for the company's overall operating margin to decrease 50bp year-over-year to 23.9 percent (330 bp gain sequentially). The team commented, "We believe the company will struggle to grow earnings in the near term as the PND market remains in secular decline, but we continue to believe the growth potential in Garmin's other markets should help offset some of the decline." Share of Garmin are trading just under one percent lower in Tuesday's market session following the release of the Davidson note.
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Posted In: Analyst ColorNewsPrice TargetReiterationAnalyst RatingsDA Davidson & Co
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