Fresh off its blowout earnings this summer, Garmin stock closed up nearly 4% Tuesday on the release of its upgraded, high-end MARQ watches starting at $2,500 each.
Car navigation used to be Garmin's bread and butter, but the company's expansion into niches ranging from luxury watches to integrated flight displays have helped it hit a $50 billion market value earlier this year.
The third-generation watches come packed with useful features. Those include built-in inReach connectivity for users to share their live location, send text messages via satellite, and send emergency SOS messages -- features that typically start around $300 for Garmin's stand-alone inReach devices.
The watches also come with heart-rate monitoring for detecting signs of atrial fibrillation previously available on other Garmin models and which Apple watches have also had for years. Other additions include preloaded global maps, voice command control, and a built-in LED flashlight.
Barron's Investor's Circle predicted last month that the stock could rise 25% in the coming months based on technical indicators. Analysts covering the company are less enthusiastic, with just two of the 10 surveyed by FactSet rating it a Buy.
After rising more than 30% earlier in the year, the stock has been basically flat over the past month, closing at $276.63 Tuesday. But enthusiasm over the new models -- the latest in a flurry of new product announcements heading into the gift-giving season -- are giving it a lift.
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