J.P. Morgan Raises Trimble Navigation Pt To $47 (TRMB)

J.P. Morgan raised its Trimble Navigation TRMB price target to $47 from $44.50 in a research report published today. In the report, J.P. Morgan states, "TRMB reported 4Q results and issued 1Q11 guidance above expectations partially aided by a lower than expected tax rate. Heavy/highway construction and Field Solutions were strong, as expected. One area of concern, Mobile Solutions, reported revenue above expectations but segment margins remain historically low. We are increasing our estimates - FY12 PF EPS goes to $2.14 on $1,659mm in revenue (from $2.03/$1,620mm). We remain sidelined, due to valuation, and believe investors should wait for a better entry point before adding to positions." Shares of Trimble Navigation were at $48.41 in pre-market trading at the time of posting, up 5.04% from Thursday's market close.