Movement Alert｜Garmin Rises 3.12% in Regular Trading, Q2 Earnings Beat Continues to Fuel Momentum

Market Focus08-03 22:05

On August 3, Garmin rose 3.12% in regular trading, trading at $302.66/share, with turnover of $24.58 million. The stock continues to extend gains following its blockbuster Q2 earnings report released on July 29.

Garmin reported fiscal Q2 adjusted earnings of $2.81 per share, representing a 29.5% year-over-year increase and significantly surpassing the analyst consensus estimate of $2.30. Revenue grew 11% to $2.02 billion, exceeding the Wall Street estimate of $1.93 billion. The company raised its full-year EPS guidance to $10.00, up from its prior estimate of $9.35, and lifted its gross margin outlook to 59.7% from 58.5%. Full-year revenue guidance was set at $8.05 billion versus the FactSet estimate of $8.01 billion.

The strong results drove a cumulative gain of nearly 21% the prior week. The current share price has now surpassed JPMorgan's recently raised target of $295, while the analyst consensus mean target stands at $301.20 with an average hold rating.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

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