Research Alert: CFRA Raises Rating On Shares Of Garmin Ltd. To Hold From Sell
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our target price by $54 to $255, applying a wider equity risk premium and a forward P/E of 24.5x our 2027 earnings estimate, just above the five-year historical average of 23.7x. We raise our 2026 EPS estimate by $0.01 to $9.35 and our 2027 estimate by $0.51 to $10.40 per share. Our revenue projections are $7.9B for 2026 and $8.7B for 2027. The primary driver is higher unit volumes, resulting in meaningful market share gains. During Q1 2026, GRMN achieved double-digit growth in three of its five segments, led by the Fitness segment with 42% growth, followed by the Aviation segment with 18% growth, and Marine segment 11% growth. By geography, GRMN realized growth in all three regions, led by 25% growth in APAC followed by EMEA with 15% growth, and 10% growth in Americas. EMEA and APAC regions benefited from favorable foreign currency impacts. The Fitness segment is expected to be the strongest contributor to growth in 2026.