Garmin Rises as Barron’s Sees Growth in Fitness-Device FocusPatrick Ralph
Garmin Ltd. rose the most in more than a year after Barron’s said a shift in the company’s focus to wearable fitness devices from car navigation systems may boost profit and sales.
The stock may surge as much as 35 percent to $60 during the next year, Barron’s said. The Schaffhausen, Switzerland-based company has “plenty of upside” as it steadily expands its fitness tracker business, according to Barron’s.
Garmin climbed 5 percent to $46.37 at the close in New York, for the biggest daily gain since February 2014. The stock had fallen 16 percent this year through last week.