Morgan Keegan Reiterates Market Perform on Trimble Navigation (TRMB)

Morgan Keegan is out with a research report this morning, where it reiterates its Market Perform rating on Trimble Navigation Ltd. TRMB. The MK analysts cited the company’s most recent earnings report, which beat their estimates. They said, “E&C performance was strong due to survey instrument strength and early impact from stimulus spending, while Mobile Solutions was still challenged and Field Solutions was flat year over year.” The company provided “encouraging” Q3 guidance with year over year growth expected in the 20%+ range. The MK analysts said, “We are increasing our non-GAAP EPS to $1.41 from $1.33 for 2010 and to $1.75 from $1.64 for 2011. At 21x 2010E EPS, TRMB shares have essentially already valued in a modest global recovery, and we view the shares as reasonably valued based on our current expectations. We maintain our Market Perform rating.”