Piper Jaffray Reiterates Overweight Rating On TRMB

Piper Jaffray is reiterating its Overweight rating on Trimble Navigation Limited TRMB shares “after hosting investor meetings with CEO Steve Berglund and touring Trimble's acquired RFID business in Cambridge, Mass.” “We believe the company's new vertical market sales approach will be a key driver of growth over the next 2-3 years and a rising mix of software revenue will positively impact margins,” Piper Jaffray writes. “We also remain optimistic that favorable end market conditions will produce upside to FY11 estimates. PT of $55 based on 25x FY12E EPS of $2.20.” Trimble Navigation closed Friday at $48.18.