Schaffhausen, Switzerland-based Garmin Ltd. (GRMN) is an OEM of GPS-based navigation and communication equipment. Valued at $39.5 billion by market cap, Garmin’s offerings include running and multi-sport watches, cycling products, satellite communicators, dog devices, and more.

The tech major has significantly outpaced the broader market over the past year, but underperformed in 2025. GRMN stock has soared 19.7% over the past 52 weeks and dipped 1.2% on a YTD basis, compared to the S&P 500 Index’s ($SPX) 11.9% surge over the past year and 1% uptick in 2025.

Narrowing the focus, GRMN has also outpaced the Technology Select Sector SPDR Fund’s (XLK) 9% gains over the past 52 weeks, but lagged behind XLK’s marginal 49 bps uptick on a YTD basis.

Garmin’s stock prices plunged 8.4% after the release of its weaker-than-expected Q1 results on Apr. 30. The company’s results remained resilient with its Auto OEM sales surging 31.3% year-over-year to $169.3 million, Outdoor division's sales growing 19.7% to $438.5 million, along with notable increase in Fitness and Aviation division. This led to its overall net sales increasing 11.1% year-over-year to $1.5 billion, but this figure missed the consensus estimates by 2%. Meanwhile, its adjusted net income grew 13.7% year-over-year to $311.6 million, but its adjusted EPS came in at $1.61, 2.4% below the consensus estimates.

Moreover, the company reduced its full-year gross margin and operating margin guidance by 20 bps each from its previous guidance to 58.5% and 24.8%, respectively, which unsettled investor confidence.

For the current FY 2025, ending in December, analysts expect Garmin to deliver a 5.8% year-over-year growth in adjusted EPS to $7.82. The company has a mixed earnings surprise history. While it surpassed the Street’s bottom-line estimates thrice over the past four quarters, it missed the projections on one other occasion.

Among the six analysts covering the stock, the consensus opinion is a “Hold.” That’s based on one “Strong Buy,” two “Holds,” one “Moderate Sell,” and two “Strong Sells.”

This configuration has remained stable in recent months.

On May 1, JP Morgan (JPM) analyst Joseph Cardoso reiterated a “Neutral” rating on GRMN, but lowered the price target from $220 to $215.

As of writing, GRMN is trading above its mean price target of $199.80. Meanwhile, its street-high target of $285 suggests a staggering 39.9% upside potential from current price levels.