Oppenheimer Reiterates Outperform on Trimble (TRMB)
- Top 10 News for 10/24 - 10/28: AT&T (T), Time Warner Make it Official; Margins Hamper Apple's Q4; Mergers Aplenty
- Wall St. falls as FBI to review more Clinton emails
- Clinton email problem resurfaces as FBI announces review
- ExxonMobil (XOM) Tops Q3 EPS by 5c; CapEx Light of Views
- Baker Hughes (BHI), General Electric (GE) in Partnership Talks, Not Merger Talks
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
Oppenheimer reiterated an Outperform rating and $32.00 price target on Trimble Navigation (NASDAQ: TRMB) following the company's announced divestment in its drone equipment business. Oppenheimer also updated its proprietary composite, aggregating various macro data across TMRB's end markets and company segments.
Analyst Colin Rusch commented, "We are encouraged to see TRMB’s announced divestment in its drone equipment business as it continues to migrate its portfolio toward an information/analytics-driven model which we believe will carry a higher margin and stickier customer base. In addition, we update our proprietary composite which indicates a flat backdrop vs. 2Q16 highlighting ongoing headwinds faced by OEMs, particularly in construction and agriculture end markets. We expect Mobile Solutions software revenue to outperform given sizeable hardware deployments in 1H16 despite a challenging environment for fleet operators. We reiterate our Outperform rating as we believe TRMB is demonstrating a more comprehensive solution for optimizing the entire supply chain in its targeted markets and is positioned to benefit from accelerated technology replacement cycles despite slower capital equipment spending."
Shares of Trimble Navigation closed at $28.60 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- S&P Affirms Ratings, Outlook on Trimble (TRMB); Sees Relatively Small Exposure to Cyclical, Fragmented Markets
- UPDATE: Oppenheimer Upgrades Level 3 Communications (LVLT) to Outperform
- Alphabet (GOOGL) (GOOG) PT Raised to $925 at Needham & Company
Create E-mail Alert Related CategoriesAnalyst Comments
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!