McCourt noted that the stock shares are fairly valued at a 40 percent appreciation over the past few months and the analyst already included new products in forward estimates. Raymond James commented, "We remain positive on Garmin's diverse opportunities in applying wearable computing to specific niches and its OEM Aviation and Marine businesses, but the risk/reward appears more balanced after the strong rally since May."
Garmin reported 3Q13 revenue of $643.6 million, 4.3 percent above the analyst's estimate, and a non-GAAP EPS od $0.69 versus Raymond James estimate of $0.52. The company noted solid earnings in the Auto/ Mobile segment and reported that Fitness and Marine did better than expectations.
Garmin's EBIT margin for the third quarter came in almost 24 percent above the analyst's estimate due to lower operating expense and stronger revenue. Garmin forecasts an approximate 21 percent operating margin and increased the non-GAAP EPS from $2.30- $2.40 to $2.40- $2.45.
Garmin closed at $48.27 on Wednesday.
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