The USD 37.3 support is being tested which should allow Garmin to rally again.
On a fundamental plan and on the basis of current prices, the share seems correctly valued in terms of enterprise value. However, earnings per share for the next two years has been recently revised upwards by analysts covering the stock. This positive fact opens the way to a better stock's evaluation from market share.
Currently, the share is within an oversold zone and is moving in a bearish trend on the medium-term. In the short-term this trend could be reversed in contact with USD 37.3. The share should be able to rise in the coming sessions. This support represents an important purchase opportunity within the framework of a technical rebound towards of USD 42.1.
The technical pattern and strong Garmin Ltd.'s fundamentals is a good opportunity for active investors to buy above USD 37.3. The potential drop is limited and the timing seems ideal to benefit of technical rebound. The target price is USD 42.1. However, we should not continue this strategy under USD 37.3, in fact the downward trend could restart.
Garmin Ltd. is one of the world's leaders in designing, producing, and marketing satellite geopositioning systems (GPS). The activity is organized around two families of products:
- marine and land geopositioning systems: tracers and sensors, pocket assistants, automobile guidance systems, sporting equipment (equipped with detectors for speed, distance traveled, heart rate, etc.);
- aerial geopositioning equipment: high-frequency communication transmitters, aerial display products, digital transponders (for transmitting altitude and flight number, broadcast by towers and control radar systems), beacon receivers, audio panels, etc.
Net sales break down by area of activity between outdoor activities (32.5%), sports and fitness (25.7%), marine (17.5%), aviation (16.2%), and automotive (8.1%).
At the end of 2023, the group had 9 production sites located in the United States (3), Taiwan (3), China, the Netherlands, and Poland.
Net sales are distributed geographically as follows: Americas (50%), Europe/Middle East/Africa (34%) and Asia/Pacific (16%).
GARMIN LTD. 
