J.P. Morgan Lowers PT On TRMB To $51.50

J.P. Morgan is lowering its price target on Trimble Navigation TRMB from $55.50 to $51.50 following the company's 2Q results. Says J.P. Morgan, in its report, “TRMB reported 2Q results and issued 3Q guidance above expectations as E&C and Field Solutions revenue both grew 25+% y/y. Management's tone was very upbeat and although there are signs of slowing in China and pockets of weakness in Europe, the company believes that its markets are finally returning to pre- recession levels of activity. We are increasing our estimates accordingly. That said, given increasing signs of macro uncertainty and TRMB's exposure to cyclical end-markets, we believe it is prudent to lower our YE'12 price target to $51.50 based on a slightly lower P/E multiple.” J.P. Morgan is reiterating its Overweight rating on the stock. TRMB closed at $33.08 yesterday.