Garmin Ltd

GRMN: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$731.00	Hxtbd	Zbnhkkrs

Garmin Earnings: Firm Has Plenty of Wind in Its Sails for a Better 2024 Than Expected; Raising FVE

Julie Bhusal Sharma

Jul 31, 2024

We are raising our fair value estimate for Garmin to $148 per share from $132 after the firm posted an exceptional quarter, with a strong beat above our top- and bottom-line expectations and rosier guidance. Even with our fair value adjustment in mind, we view shares as overvalued, as the firm's strong will to keep up rapid innovation ought to moderate margin expansion over the next five years, in our view.

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