03:04 PM EDT, 05/02/2024 (MT Newswires) -- Garmin's ( GRMN ) Q1 results reflect the company's likeliness to grow its revenue and earnings by double digits next year, Morgan Stanley said in a note emailed Thursday.

Calling the company's Q1 an "all-around impressive quarter," the firm noted that Garmin ( GRMN ) was "clearly outperforming" its peers in the consumer electronics space despite offering products at a premium price point.

Morgan Stanley said it was raising its full-year 2024 revenue forecast by 5% to $6.1 billion and earnings per share expectations by 13% to $6.19. Next year, the firm expects Garmin ( GRMN ) to book an EPS of $6.57.

"Garmin's ( GRMN ) innovation, consistent new product launches, customer segmentation, and end-market diversification are creating a defensive moat that we have underestimated," Morgan Stanley wrote.

The firm raised its price target on the stock to $144 from $126, while maintaining the equal-weight rating.

Price: 165.49, Change: +2.07, Percent Change: +1.26