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Technology Stocks : Trimble Navigation

TRMB 78.60

-1.2%

Nov 4 3:59 PM EST

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From: JakeStraw	4/8/2010 8:18:40 AM
	of 3506

Wedbush Morgan equity analyst Scott Sutherland lowered a rating on shares of Trimble Navigation Ltd. (TRMB) to underperform from neutral on Apr. 7. He increased a price target on shares of the maker of global-positioning products to $23 from $21. Sutherland said in a note that he has met with Trimble management and performed industry checks over the past few weeks. He noted that while he thinks its business will continue to grow "moderately", and the company's results will meet Wall Street consensus expectations, he also believes the stock's "material" premium valuation implies that Trimble must exceed estimates or face a "potential materially negative impact" on its share price. Given this outlook, Sutherland lowered the rating on the stock, but raised “below-consensus” EPS forecasts for 2010 to $1.28 from $1.25 and for 2011 to $1.50 from $1.45. businessweek.com

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