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OLATHE, Kan. - Garmin (NYSE:GRMN), the $48.4 billion market cap technology company with impressive gross profit margins of nearly 59%, announced Tuesday the launch of its new GPSMAP 9000xsv series of marine chartplotters, featuring integrated sonar technology and enhanced connectivity options.
The new series will be available in three touchscreen sizes - 10, 13, and 17 inches - with the larger models offering 4K resolution displays. The 13-inch and 17-inch models incorporate Mini LED backlight technology, which the company states provides improved brightness and contrast. According to InvestingPro data, Garmin’s strong product innovation has contributed to its impressive 19.65% revenue growth over the last twelve months.
The chartplotters include built-in xCHIRP traditional sonar and UHD scanning sonar capabilities. According to the company, the devices feature RapidReturn technology that allows for up to twice the sonar update rate compared to previous models.
The new series also offers 5Ghz Wi-Fi connectivity for wireless software and map updates, and supports Garmin BlueNet networking for connecting multiple marine devices.
All models come preloaded with Garmin Navionics+ charts and include sailing-specific features such as sailing polars and wind data displays. The devices support OneHelm integrated digital switching for boat systems control.
Susan Lyman, Garmin Vice President Consumer Sales & Marketing, said in the press release statement: "We’re excited to bring the premium features of the GPSMAP 9000 chartplotter series to even more display sizes."
The GPSMAP 9000xsv chartplotters are expected to be available in November with prices starting at $3,199.99. The devices can be flat- or flush-mounted to fit various boat helm configurations.
Garmin was recently named Manufacturer of the Year by the National Marine Electronics Association for the 11th consecutive year, according to the company’s announcement. The company’s stock is currently trading near its 52-week high of $261.69, with investors eagerly awaiting the upcoming earnings report scheduled for tomorrow. InvestingPro analysis suggests the stock is currently overvalued, with 14+ additional ProTips available for subscribers looking to make informed investment decisions.
In other recent news, Garmin has seen a notable increase in its stock price target, as Tigress Financial Partners raised it to $305, maintaining a Strong Buy rating. This adjustment is attributed to a surge in demand for fitness and smart wearables, along with the strategic integration of Garmin’s MYLAPS acquisition. Additionally, KeyBanc reiterated its Sector Weight rating on Garmin, following discussions with the company’s management, highlighting the firm’s business resilience. Garmin also announced a collaboration with King’s College London for the EMBRACE research program, focusing on maternal health, where Garmin will serve as the exclusive smartwatch provider. In product developments, Garmin introduced the Rally 110 and 210 cycling power meters, which feature rechargeable batteries and improved accuracy. These power meters also offer a travel mode that conserves battery life during transport. Further expanding its cycling product line, Garmin unveiled the Edge 550 and 850 cycling computers with enhanced training features and improved displays. These devices include adaptive training plans that adjust according to the rider’s progress and course demands.
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