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Technology Stocks : Trimble Navigation
TRMB 65.21-3.9%11:36 AM EST
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To: SKIP PAUL who wrote (1824)11/8/1997 6:03:00 PM
From: David  Read Replies (2) of 3506
 
Montgomery Securities NovAtel report issued October 27 . . .

On about the same information, has a BUY rating. Places NovAtel in the "Communications Equipment: Wireless" market. Estimates are for Q4 23 cents v. 3 cents last year, and 80 cents for FY98. Future estimates were not changed.

Comments: The company is executing according to plan; expect increased visibility of the Nikon end-user products; trading at 14.5x 98 earnings, at a discount to 23% growth rate; view Canadian Marconi alliance in avionics as a "positive effort" and expect results to begin in 1999.

Montgomery is assuming good sell through of Nikon products.

Overall, looks like NovAtel is surviving OK, but not big enough to beat or threaten TRMB in any market other than, possibly WAAS. We should still look to Ashtech for more significant competition.

Thanks to J.Saf for reports.
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