Oppenheimer Remains Bullish on Trimble (TRMB) After Traveling with Management
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Oppenheimer reiterated an Outperform rating and $32.00 price target on Trimble Navigation (NASDAQ: TRMB) after traveling with the company's CFO, Rob Painter. Management reiterated its focus on restoring its 20% operating margin target in 2017.
Analyst Colin Rusch commented, "Following our day traveling with TRMB CFO, Rob Painter, we have increased confidence in TRMB's ability to deliver on its growth and operating leverage goals. We see Painter's addition as CFO as lending credence to the company's forecasting capability and believe that TRMB can improve its performance predictability under his watch. Further, we continue to see opportunities for TRMB to leverage its lean balance sheet opportunistically and deploy capital in a value-enhancing way either via increased buybacks or M&A. Last, while we continue to note myriad crosswinds in its end markets, we see easing comps and new product introductions supportive of management's back-half improvement outlook and retain our Outperform rating."
Shares of Trimble Navigation closed at $27.03 yesterday.
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