Bernstein on Trimble Navigation (TRMB): '3Q Execution Provides a Good Exit Rate'

Bernstein SocGen Group analyst Chad Dillard reiterated an Outperform rating and $99.00 price target on Trimble Navigation (NASDAQ: TRMB).

The analyst commented: "3Q execution provides a good exit rate; Record ARR continues driving profitability growth. ARR grew 6% Y/Y to $2.3B (vs +5% in 2Q) which drove gross margins to almost 69% and sets up TRMB on a good position to achieve their exit rate target of 70%. Furthermore, TRMB is achieving this at a much more efficient rate as the ARR/Opex margin increased to almost 5.5x (vs. ~5x in 2Q25 and 3Q24) and surpassing the 5.0x on an LTM basis for the first time, influenced by a lower hardware intensity (from 37% on average through the first 3Qs in 24 to 33% in 2025). Mgmt is still confident in continuing ARR growth as there is strength across the portfolio, the go-tomarket strategy, and cross-selling opportunities."

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 $80.57 yesterday.

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