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Garmin (GRMN) Boosts Fitness Segment Via Descent Mk2S Launch
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Garmin (GRMN - Free Report) has unveiled Descent Mk2S, a regular wear smartwatch with numerous underwater diving features.
Moreover, the new device is an advanced dive computer that supports multiple dive modes for single and multiple gas dives.
Notably, Descent Mk2S is the upgraded model of the existing Descent Mk2. It is more stylish and versatile with additional options to track users’ daily lifestyle.
Further, the in-built features of the device such as monitoring sleep cycle and all-day respiration are focused on women’s wellbeing. Also, the new wearable tracks menstrual cycle and pregnancy.
These features will help Garmin expand reach to female divers, which in turn will strengthen the customer base.
We note that that the latest move will help the company in rapidly penetrating into the growing dive computer market, which, per a report from Transparency Market Research, is expected to hit $400 million by 2030 at a CAGR of 4%.
Further, the move will aid Garmin in gaining strong foothold in the booming wearable market.
We believe the launch of Descent Mk2S is likely to aid the performance of the company’s fitness segment, which has become its integral part.
This particular segment generated sales of $308.1 million (accounting for 28.7% of total sales) in first-quarter 2021, which increased 38% from the year-ago period.
Apart from the latest launch, Garmin recently rolled out Lily, its smallest and most fashionable smartwatch to monitor women’s wellbeing.
We note that these endeavors of the company are likely to help it in gaining strong foothold in the fitness market, which, per a report from Statista, is expected to hit $23.1 billion by 2024, witnessing a CAGR of 1.9% during the period of 2021-2024.
Garmin’s Smartwatch Portfolio
The introduction of Descent Mk2S bodes well for strengthening efforts toward expansion of its smartwatch offerings.
In addition to the latest Descent Mk2S, it has introduced the EnduroTM ultraperformance GPS watch with extended battery life to help athletes train well and monitor their performance.
Expansion of its well-known Approach series of GPS golf products — the Approach S42 smartwatch, the Approach S12 watch and the Approach G12 GPS rangefinder — has been another positive for the company.
Moreover, it has announced the introduction of Venu 2 and Venu 2S GPS smartwatches to take care of the wellbeing of customers.
We believe that the expanding watch portfolio will continue to drive Garmin’s customer momentum and expand fitness as well as outdoor segments.
Long-term earnings growth rates for MACOM, Apple and Microchip are currently projected at 37%, 12.5% and 15.3%, respectively.
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Garmin (GRMN) Boosts Fitness Segment Via Descent Mk2S Launch
Garmin (GRMN - Free Report) has unveiled Descent Mk2S, a regular wear smartwatch with numerous underwater diving features.
Moreover, the new device is an advanced dive computer that supports multiple dive modes for single and multiple gas dives.
Notably, Descent Mk2S is the upgraded model of the existing Descent Mk2. It is more stylish and versatile with additional options to track users’ daily lifestyle.
Further, the in-built features of the device such as monitoring sleep cycle and all-day respiration are focused on women’s wellbeing. Also, the new wearable tracks menstrual cycle and pregnancy.
These features will help Garmin expand reach to female divers, which in turn will strengthen the customer base.
We note that that the latest move will help the company in rapidly penetrating into the growing dive computer market, which, per a report from Transparency Market Research, is expected to hit $400 million by 2030 at a CAGR of 4%.
Further, the move will aid Garmin in gaining strong foothold in the booming wearable market.
Garmin Ltd. Price and Consensus
Garmin Ltd. price-consensus-chart | Garmin Ltd. Quote
Growing Fitness Segment
We believe the launch of Descent Mk2S is likely to aid the performance of the company’s fitness segment, which has become its integral part.
This particular segment generated sales of $308.1 million (accounting for 28.7% of total sales) in first-quarter 2021, which increased 38% from the year-ago period.
Apart from the latest launch, Garmin recently rolled out Lily, its smallest and most fashionable smartwatch to monitor women’s wellbeing.
We note that these endeavors of the company are likely to help it in gaining strong foothold in the fitness market, which, per a report from Statista, is expected to hit $23.1 billion by 2024, witnessing a CAGR of 1.9% during the period of 2021-2024.
Garmin’s Smartwatch Portfolio
The introduction of Descent Mk2S bodes well for strengthening efforts toward expansion of its smartwatch offerings.
In addition to the latest Descent Mk2S, it has introduced the EnduroTM ultraperformance GPS watch with extended battery life to help athletes train well and monitor their performance.
Expansion of its well-known Approach series of GPS golf products — the Approach S42 smartwatch, the Approach S12 watch and the Approach G12 GPS rangefinder — has been another positive for the company.
Moreover, it has announced the introduction of Venu 2 and Venu 2S GPS smartwatches to take care of the wellbeing of customers.
We believe that the expanding watch portfolio will continue to drive Garmin’s customer momentum and expand fitness as well as outdoor segments.
Zacks Rank & Stocks to Consider
Currently, Garmin carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader technology sector include MACOM Technology Solutions Holdings, Inc. (MTSI - Free Report) , Apple Inc. (AAPL - Free Report) and Microchip Technology Incorporated (MCHP - Free Report) . While MACOM sports a Zacks Rank #1 (Strong Buy), Apple and Microchip carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Long-term earnings growth rates for MACOM, Apple and Microchip are currently projected at 37%, 12.5% and 15.3%, respectively.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
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