Needham & Company Upgrades Trimble Navigation (TRMB) to Buy

Needham & Company upgraded Trimble Navigation (NASDAQ: TRMB) from Hold to Buy with a price target of $24.00, saying a return to growth is likely this year.

Analyst Richard Valera commented, "For the second quarter in a row TRMB solidly exceeded its guidance, we think suggesting both stabilization in the company's business and a more conservative approach to quarterly guidance by management. While many macro challenges remain, we believe TRMB's C2H15 results suggest its business has stabilized and is likely poised for reasonable growth with expanding operating margins in C2016. with shares trading near-trough NTM P/E on near-trough earnings, we think they are poised to work higher in 2016 if the company can show a sustainable recovery in revenue and earnings. As such, we upgrade to Buy from Hold and establish a PT of $24, or ~17x our C2017 NG EPS."

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 $18.82 yesterday.

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