Success in the outdoor and fitness segments is breathing life into Garmin; some concerns remain.
Garmin’s second-quarter results beat expectations on the top and bottom lines. Continuing strength in the narrow-moat aviation segment offset weakness in some of the other segments. Management upped its revenue and margin guidance slightly. We made minimal changes to our projections. While Garmin shares reacted positively to second-quarter numbers and closed up 4.5%, they are approaching our $53 fair value estimate, which is why we still recommend for investors to wait for a more attractive entr...
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