Garmin Ltd.(NASDAQ:GRMN) shares hit a six-year high of $59.57 after reporting fiscal Q1 earnings and sales that were well ahead of analysts’ expectations.
GRMN was most recently trading up 5.2% at $57.93. The 52-week low is at $33.12.
The maker of navigation, communication and information devices said pro-forma earnings in the quarter ended March 29 rose 38% to $0.55 per share, beating the $0.44 average estimate from analysts polled by Capital IQ. Sales rose 10% to $583.2 million, also coming in ahead of the $541 million consensus estimate. GAAP income jumped to $118.8 million or $0.61 per share from $88.7 million or $0.45 per share.
“While results in first quarter exceeded our expectations, it is historically the seasonally weakest quarter of the year and much of the year still lies in front of us,” Garmin said in a statement. “Due to these factors, we will update guidance following second quarter as has been our past practice.”
Analysts have a consensus price target of $53 on Garmin Ltd.(NASDAQ:GRMN) which indicates a 2.28% downside. The consensus rating of the stock is a Hold with a score of 2.36. There are currently 5 Buy ratings on the stock and 9 hold ratings.
A recent analyst action consisted Oppenheimer boosting their price target to Outperform and upping their price target from $58 to $65.
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