Movement Alert｜Garmin Falls 3.07% in Regular Trading, JPMorgan Maintains Neutral Rating with Target Near Current Price

Market Focus07-31

On July 31, Garmin declined 3.07% in regular trading, trading at $292.65/share, with turnover of $26.85 million. The pullback follows a sharp 16% single-day rally on July 29 after Q2 earnings significantly exceeded expectations.

On the news front, JPMorgan raised its price target on Garmin from $285 to $295 while maintaining a Neutral rating. With the current stock price at $292.65, the shares are already trading within close proximity of JPMorgan's updated target, implying limited upside from the investment bank's perspective. The average analyst price target stands at $301.20 according to FactSet, with a consensus Hold rating.

The decline reflects profit-taking pressure following the post-earnings surge. Garmin reported Q2 adjusted EPS of $2.81, far exceeding the $2.30 consensus estimate, representing approximately 30% year-over-year growth. The company also raised full-year guidance, projecting revenue of $8.05 billion versus the $8.01 billion estimate, and lifted its gross margin outlook from 58.5% to 59.7%, well above the 58.8% market expectation.

(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.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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