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.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
date
ticker
name
Price Target
Upside/Downside
Recommendation
Firm
Posted In: Analyst ColorAnalyst RatingsElectronic Manufacturing ServicesInformation Technology
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!