J.P. Morgan Upgrades Trimble Navigation To Overweight, Leaves PT At $53.50 (TRMB)

J.P. Morgan upgraded its rating on Trimble Navigation TRMB from Neutral to Overweight in a research paper published today. J.P. Morgan left its price target of $53.50 unchanged, however. In the report, J.P. Morgan states, "We are upgrading TRMB to Overweight from Neutral on valuation. The stock has pulled back 20% since reporting 1Q results, presenting an opportunity for GARP investors to get involved in this secular growth stock at what we view as a reasonable price. There is no change to our estimates, which are slightly below consensus for 2011-2012, but for which we believe there is upside potential from speedy integration of recent acquisitions. Our price target remains $53.50." In today's trading, Trimble's shares surged by 7.46% and currently trade at $43.51.