Wedbush Starts Trimble Navigation (TRMB) at Outperform

Wedbush initiates coverage on Trimble Navigation (NASDAQ: TRMB) with a Outperform rating and a price target of $28.00.

"In our view, Trimble is an attractive way to participate in the growing adoption of technology across commercial and industrial markets to drive asset productivity," analyst David Rose commented. "As a leading provider of work process solutions, Trimble is capitalizing on its core strengths of location positioning systems, mapping, telematics and data analytics to capitalize on the growth in mobile connectivity to improve asset efficiency and work flows."

The growth outlook is improving in 2016, the analyst added. "We believe the underlying growth has been masked by the weakness in the agriculture and oil & gas end markets and the growth should be more evident in 2016 as these weaker markets begin to trough while also having a less material impact on companywide sales and profits. Meanwhile, the company's rapidly growing Mobile Solutions segment is having a more meaningful effect on total growth that should help support a multi-year horizon of mid-single-digit top-line growth for Trimble."

Also a margin recovery is underway and the firm sees solid free cash flow for M&A activity and shareholders.

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 closed at $22.78 yesterday.

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