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Garmin Ltd (NASDAQ:GRMN) shares traded higher Wednesday after delivering a Q2 beat and raise that saw another quarter of top line and bottom line growth. The auto-GPS and wearables maker also raised guidance, proving that even in the age of Apple Inc. (NASDAQ:AAPL)’s Apple Watch, Garmin can still succeed.
Wall Street didn’t seem convinced Garmin’s success would rub off on its peer< Fitbit, Inc (NYSE:FIT) due to report its Q2 results Wednesday after the close. Fitbit shares were down slightly, and Longbow Research analyst Joe Wittine may have provided some insight into why.
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Mixed Signal
Wittine told Benzinga Garmin’s Q2 strength has conflicting implications for Fitbit. Garmin’s quarter was driven by sales in its fenix 5 Outdoor smartwatch, but its Fitness segment saw another quarter of declines.
“Another negative read on low-end Fitness trackers which currently is what Fitbit sells,” Wittine said of Garmin’s report.
However, there may be a silver lining going forward, according to Wittine.
“[The] report also underscores the momentum in Smartwatches,," hesaid, "where [Fitbit] will have a new product out soon.”
Investors may parse Fitbit’s earnings release and conference call for new details on its promised smartwatch offering, which the company has reiterated it plans to release this year but has thus far declined to offer a timeline for. Baird analyst William Power observed in a note following the company’s Q1 report, however, that Fitbit’s watch will likely have to compete against an updated version of the Apple Watch.
Wittine holds a Buy rating on Garmin and a Hold rating on Fitbit.
Image Credit: By MorePix (Own work) [CC BY-SA 3.0 (http://creativecommons.org/licenses/by-sa/3.0)], via Wikimedia Commons
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.