Garmin Reports Mixed 1Q Results; Maintaining $53 FVE; Shares Are Fairly Valued
Garmin reported mixed first-quarter 2017 results with in-line revenue but lower-than-expected operating margin. Strong top-line growth and margin expansion within the marine and aviation segments support our narrow moat rating on Garmin as they continue to offset the decline in the firm’s personal navigation device, or PND, business and the negative impact of what we view as a mature basic wearables market. Management maintained its 2017 guidance, and we still value this narrow-moat company at $...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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