Garmin's Valuation Check: Varia RearVue 820 Launch and Future Growth Prospects

Garmin (GRMN) recently launched the Varia RearVue 820 cycling radar tail light, but its share price has declined 1.75% over the past week and 0.60% year-to-date. Despite this, the company's 3-year total shareholder return is 116.48%. The stock trades at a 22% intrinsic discount, leading to a valuation narrative that assigns a fair value of $235.25 per share, suggesting the company is 14.5% undervalued. However, the earnings path depends on steady revenue growth and margins, and any stumble in product cycles or higher operating costs could challenge the premium P/E case.