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Needham & Company Trims Numbers on Trimble Navigation (TRMB), Keeps Buy

May 1, 2013 11:56 AM EDT Send to a Friend
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Price: $31.72 --0%

Rating Summary:
    6 Buy, 5 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 5 | Down: 14 | New: 17
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Needham & Company trimmed estimates and its price target on Trimble Navigation (NASDAQ: TRMB) from $34.50 to $30 following weak Q1 results and guidance, but maintained a Buy rating saying the story is still intact.

Richard Valera comments, "Trimble's rare 1Q13 revenue miss and weak 2Q guidance should provide plenty of grist for bears given the magnitude and breadth of the weakness (both TFS and E&C missed). However, while macro uncertainty has clearly increased, and there doesn’t appear to be any quick fix to sequestration-related pressures, we believe most of the weakness is temporary and not secular in nature. As such, we expect a better 2H13, but have conservatively modeled below the mid-teens growth rate management has suggested is possible. We maintain our Buy rating while reducing our PT to $30 (was $34.50) on a reduced 18x multiple applied to our 2014E NG EPS to allow for the greater macro uncertainty."

The firm lowered FY 2013 EPS from $1.47 to $1.45 and FY 2014 EPS from $1.74 to $1.66.

For an analyst ratings summary and ratings history on Trimble Navigation click here. For more ratings news on Trimble Navigation click here.

Shares of Trimble Navigation are down 8.6 percent today to $26.25.




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