Garmin Ltd. rose the most in almost 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 company, which maintains its operational headquarters in Olathe, has “plenty of upside” as it steadily expands its fitness tracker business, according to Barron’s.
Garmin climbed 5.3 percent to $46.50 in mid-morning trading Monday after advancing as much as 5.7 percent for the biggest intraday gain in nearly a year. The stock had fallen 16 percent this year through last week.