JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Garmin (NYSE:GRMN) Stock

Key Points

• JPMorgan raised Garmin’s price target to $310 from $295, implying 10.62% upside, while maintaining a neutral rating. The analyst consensus is “Moderate Buy,” with an average target of $315.29.
• Garmin reported strong quarterly results, with revenue up 12.2% year over year to $1.99 billion and EPS of $2.76 versus the $2.38 consensus estimate. Management also increased its full-year EPS outlook to $10.80.
• Despite solid results, valuation and future margin pressure remain concerns, including rising memory-component costs and a 20% decline in automotive OEM revenue; insiders sold about $3.6 million of shares over the past three months.

Garmin (NYSE:GRMN - Get Free Report) had its target price raised by equities researchers at JPMorgan Chase & Co. from $295.00 to $310.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has a "neutral" rating on the scientific and technical instruments company's stock. JPMorgan Chase & Co.'s price objective suggests a potential upside of 10.62% from the company's previous close.

Other research analysts also recently issued reports about the company. KeyCorp restated a "sector weight" rating on shares of Garmin in a research note on Thursday. Barclays dropped their price objective on Garmin from $297.00 to $277.00 and set an "equal weight" rating on the stock in a research note on Thursday. Arete Research initiated coverage on shares of Garmin in a research note on Wednesday, October 14th. They issued a "buy" rating and a $335.00 target price for the company. Tigress Financial reissued a "strong-buy" rating on shares of Garmin in a research note on Thursday, August 6th. Finally, Weiss Ratings upgraded shares of Garmin from a "buy (b)" rating to a "buy (b+)" rating in a report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $315.29.

Garmin Stock Performance

NYSE:GRMN traded up $7.73 during mid-day trading on Thursday, hitting $280.24. The company had a trading volume of 1,046,364 shares, compared to its average volume of 899,910. Garmin has a fifty-two week low of $186.67 and a fifty-two week high of $314.28. The business's fifty day moving average is $283.31 and its two-hundred day moving average is $252.97. The firm has a market cap of $54.04 billion, a P/E ratio of 28.89, a P/E/G ratio of 3.28 and a beta of 0.82.

Garmin (NYSE:GRMN - Get Free Report) last posted its earnings results on Wednesday, October 28th. The scientific and technical instruments company reported $2.76 earnings per share for the quarter, topping the consensus estimate of $2.38 by $0.38. Garmin had a return on equity of 20.95% and a net margin of 24.47%. The firm had revenue of $1.99 billion for the quarter, compared to analyst estimates of $1.99 billion. During the same period in the previous year, the company posted $1.99 earnings per share. The company's revenue for the quarter was up 12.2% on a year-over-year basis. Equities analysts forecast that Garmin will post 10.08 earnings per share for the current year.

Insider Buying and Selling at Garmin

In other news, insider Cheng-Wei Wang sold 9,941 shares of the stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $299.36, for a total value of $2,975,937.76. Following the completion of the transaction, the insider owned 29,506 shares of the company's stock, valued at approximately $8,832,916.16. This represents a 25.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Joshua Maxfield sold 1,152 shares of the company's stock in a transaction on Friday, July 31st. The stock was sold at an average price of $291.13, for a total transaction of $335,381.76. Following the transaction, the vice president owned 15,042 shares of the company's stock, valued at $4,379,177.46. This trade represents a 7.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 12,079 shares of company stock worth $3,600,099 over the last three months. Corporate insiders own 14.80% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of GRMN. Bank of America Corp DE lifted its position in Garmin by 73.8% in the 1st quarter. Bank of America Corp DE now owns 1,295,199 shares of the scientific and technical instruments company's stock worth $300,499,000 after buying an additional 549,954 shares during the last quarter. Amundi grew its position in Garmin by 82.5% during the first quarter. Amundi now owns 1,017,314 shares of the scientific and technical instruments company's stock valued at $236,027,000 after acquiring an additional 459,980 shares during the last quarter. Hsbc Holdings PLC grew its position in Garmin by 282.4% during the first quarter. Hsbc Holdings PLC now owns 272,512 shares of the scientific and technical instruments company's stock valued at $63,190,000 after acquiring an additional 201,240 shares during the last quarter. Quantinno Capital Management LP raised its stake in shares of Garmin by 51.2% during the first quarter. Quantinno Capital Management LP now owns 351,241 shares of the scientific and technical instruments company's stock worth $81,491,000 after acquiring an additional 119,011 shares in the last quarter. Finally, Vest Financial LLC bought a new stake in shares of Garmin in the 3rd quarter worth approximately $20,240,000. 81.60% of the stock is owned by institutional investors.

Key Stories Impacting Garmin

Here are the key news stories impacting Garmin this week:

• Positive Sentiment: Garmin reported record third-quarter results: revenue rose 12% year over year to $1.99 billion, while adjusted EPS of $2.76 exceeded the $2.38 analyst consensus. Operating income increased 34% to $611.6 million, and operating margin expanded to 30.8%. Garmin announces third quarter 2026 results
• Positive Sentiment: Management raised its full-year 2026 outlook to approximately $8.15 billion in revenue and $10.80 in pro forma EPS, up from prior EPS guidance of $10.00. Fitness revenue grew 16% and outdoor revenue increased 20%, supported by strong demand for wearables and adventure watches. Garmin Q3 Earnings: 3 Key Takeaways for Long-Term Investors
• Positive Sentiment: JPMorgan raised its price target on GRMN to $310 from $295, adding support to the bullish reaction following the earnings report. JPMorgan Adjusts Price Target on Garmin
• Neutral Sentiment: Garmin’s 2026 Health Awards and Asia health summit highlight its digital-health ecosystem and partnerships, but the event is unlikely to materially affect near-term earnings expectations. Garmin celebrates global digital health innovation
• Neutral Sentiment: KeyBanc reiterated a Sector Weight rating, indicating that the strong results are balanced by valuation and forward cost concerns. KeyBanc Reiterates Sector Weight Rating
• Negative Sentiment: Investors remain concerned that soaring memory-component prices will begin reducing gross and operating margins in 2027, despite the upgraded 2026 outlook. Garmin also reported a 20% decline in auto OEM revenue. Why Garmin Stock Dropped After Record Results

About Garmin

Garmin Ltd. NYSE: GRMN designs and manufactures GPS-enabled technology and smart devices for fitness, outdoor recreation, aviation, marine, and automotive markets. Its product portfolio includes smartwatches, cycling computers, sports and activity trackers, satellite communication devices, navigation systems, and related sensors and accessories.

The company also develops aviation systems and avionics, marine chartplotters and sonar equipment, and navigation and infotainment solutions for vehicle manufacturers.

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