Garmin 2Q Results Beat Expectations; Increasing FVE to $62; Shares Remain Fairly Valued
Garmin reported second quarter 2018 results with the top and bottom lines coming in ahead of expectations, with ongoing strength in aviation accompanied by growth acceleration in the marine segment. Â Management increased its full-year 2018 guidance. We slightly upped our 2018 revenue estimates, which combined with a lower effective tax rate assumption pushed our fair valued estimate of Garmin to $62 per share, from $61. Impressive performance in marine and aviation segments during the quarter su...
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