Garmin
GRMN
introduced an always-connected LTE dash cam — Dash Cam Live, in a bid to bolster its automotive segment.
Dash Cam Live, which marks the company’s first LTE-connected dash cam, records high-definition 1440p video with a 140-degree field of view and offers access to a live exterior view of the vehicle.
Users can view everything within sight of the Dash Cam Live in their vehicle with the aid of an LTE subscription and the Garmin Drive app.
The new dash cam provides theft alerts and other incident alerts, reassuring drivers or vehicle owners.
The underlined device is designed to withstand harsh vehicle environments such as direct sunlight and hot car interior temperatures.
With the introduction of Dash Cam Live, Garmin expanded its dash cam offerings.
Growing Portfolio of Automotive Solutions
The latest move bodes well for the company’s strong efforts toward expanding its portfolio of automotive solutions.
Apart from the latest launch, the company unveiled tablet-like 8 and 10-inch RV 895 and RV 1095 navigators, which feature large display, and provide custom vehicle routing and preloaded traveler content in order to deliver an enhanced camping experience.
Garmin’s introduction of the dezlCam OTR710, featuring a high-definition dash cam to provide a safe-driving experience to drivers, is another positive.
It also launched the dezl OTR series of trucking navigators, featuring arrival planning with automatic birds-eye satellite imagery for high-resolution aerial views during truck entries at the security gates and while loading at dock destinations.
The continuous launch of automotive solutions is expected to help Garmin bolster its presence in the growing automotive market.
This, in turn, is likely to aid GRMN in raising investors’ optimism about the stock in the days ahead.
Notably, shares of GRMN have been down 28% over a year.
Customer Base to Expand
We believe that expanding the automotive solutions portfolio will continue to strengthen its customer base.
Recently, Palomino RV selected the Garmin ONE (Operation, Navigation, Entertainment) solution to boost its Pause line of travel trailers. With the Garmin ONE technology, Palomino aims to provide camping trailer users with seamless control of camper systems, navigation and entertainment.
Arctic Cat also chose Garmin’s Tread navigators to outfit the new Wildcat XX Black Hills Edition side-by-side vehicles for technical trail riding, difficult climbs and rock crawling.
We note that the strengthening clientele will continue to drive GRMN’s automotive segment revenues in the days ahead.
The automotive segment generated $135.6 million in sales, accounting for 12% of the total third-quarter 2022 revenues.
Zacks Rank & Stocks to Consider
Currently, Garmin carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader Zacks Computer & Technology sector are
Arista Networks
ANET
,
Agilent technologies
A
and
ASML Holding
ASML
. While Arista Networks currently sports a Zacks Rank #1 (Strong Buy), Agilent and ASML Holding carry a Zacks Rank #2 (Buy). You can see
the complete list of today’s Zacks #1 Rank stocks here.
Arista Networks has lost 16.7% in the past year. The long-term earnings growth rate for ANET is projected at 17.5%.
Agilent has lost 7.9% in the past year. A’s long-term earnings growth rate is projected at 10%.
ASML Holding has lost 31.5% in the past year. The long-term earnings growth rate for ASML is projected at 23.74%.
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