11:16 AM EDT, 09/19/2025 (MT Newswires) -- Garmin ( GRMN ) is positioned well to remain "well-executing and highly-innovative" against the US tariffs as it has 100% local production and is still benefiting from tariff exemptions, Morgan Stanley said in a note emailed Friday.

The company's management highlighted that it has not witnessed any "dialing back" of client spending across geos, while the reduced interest rates "should only help facilitate the purchase of bigger ticket items," Morgan Stanley said.

There is no change to Garmin's ( GRMN ) operational expenses estimates because the company has to invest throughout cycles for "consistent" innovation, the note said, adding that the company is poised to retain its robust balance sheet as it helps support dividend growth, operational expansion, mergers and acquisitions, and stock buybacks.

Morgan Stanley raised Garmin's ( GRMN ) price target to $193 from $186 and maintained an underweight rating on the stock.

Price: 235.77, Change: -1.48, Percent Change: -0.62