Wells Fargo Starts Trimble Navigation (TRMB) at Market Perform; Solid Momentum Despite Headwinds

Wells Fargo initiates coverage on Trimble Navigation (NASDAQ: TRMB) with a Market Perform. PT range $48.50-$51.

Analyst, Andrew Spinola, said, "Analyst, Andrew Spinola, said, "Trimble provides productivity solutions to the Agricultural, Corporate and Industrial sectors that leverage GPS, wireless and asset management technologies. We look for TRMB to generate solid growth in 2012 with revenue and EPS up 22% inclusive of acquisitions, but we believe the shares are fairly valued at 19x our 2012 estimate given our long-term expectation of low double-digit organic growth."

Near-Term drivers include: continued organic growth and operating leverage in the core segments offset by macro concerns and integration risk

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 $48.34 yesterday.

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